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NEED HELP PLEASE The following are notes receivable transactions for Pharoah Co. May 1 Recelved a $15,000, six-manth, 6;6 note from Jloux Compary in settlement
NEED HELP PLEASE
The following are notes receivable transactions for Pharoah Co. May 1 Recelved a $15,000, six-manth, 6;6 note from Jloux Compary in settlement of an account receivable Interest is due at maturity. June 30 Accrued interest on the Jioux note, at Pharoah's year end. Adjustments are recorded annually. July 31 'Lent $1,200 cash to an employec, Noreen Irvine, recelving a two-month, 5% note. Interest is due at the end of each month Aug 31 Received the interest due from Ms. Irvine Sept 30 Received payment in full from Ms. Irvine. Nov. 1 Jioux Company defaulted on its note. Pharoah does not expect to collect on the note. Record the transactions for Pharoah Co. Pharoah Co. uses only one allowance account for both accounts and notes recelvable (Credit account titles are outomatically indented when the amount is entered. Do not indent monuolly. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entrics before credit entries. Round answers to 0 decimal places, eg. 5,276. Record joumal entries in the order presented in the Step by Step Solution
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