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More info 2024 Jul. 1 Loaned $14,000 cash to Candace Smith on a one-year, 6% note. Sep. 6 Sold goods to Fairway Masters, receiving a
More info 2024 Jul. 1 Loaned $14,000 cash to Candace Smith on a one-year, 6% note. Sep. 6 Sold goods to Fairway Masters, receiving a 90-day, 12% note for $9,000. Ignore Cost of Goods Sold. Sep. 30 Made a single entry to accrue interest revenue on both notes. ? Collected the maturity value of the Fairway Masters note. 2025 Jul. 1 Collected the maturity value of the Smith note. The following selected transactions occurred during 2024 and 2025 for Aegean Importers. The company ends its accounting year on September 30 . (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jul. 1: Loaned $14,000 cash to Candace Smith on a one-year, 6% note. Sep. 6: Sold goods to Fairway Masters, receiving a 90 -day, 12% note for $9,000. Ignore Cost of Goods Sold. Sep. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.)
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