Question
Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries
Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $18,500 cash to Manny Lopez on a 12-month, 12% note, Sold goods to Ralph Kremer, Inc., receiving a $45,000, 90-day, 10% note. Received a $47,600, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. Journalize the transactions for Metlock Supply Co. (Ignore entries for cost of goods sold.)
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Interpreting and Analyzing Financial Statements
Authors: Karen P. Schoenebeck, Mark P. Holtzman
6th edition
132746247, 978-0132746243
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