Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Nov. 1 Loaned $26,667cash to Norma Jeanne on a1-year,9% note. Dec. 11 Sold goods to Bob Sharbo, Inc., receiving a $74,571,90-day,7% note. 16 Received a
Nov. 1 | Loaned $26,667cash to Norma Jeanne on a1-year,9% note. |
Dec. 11 | Sold goods to Bob Sharbo, Inc., receiving a $74,571,90-day,7% note. |
16 | Received a $44,640,6-month,15% note in exchange for Richard Russos outstanding accounts receivable. |
31 | Accrued interest revenue on all notes receivable. |
(a)Journalize the transactions for Reeves Supply Co.(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.)
Date | Account Titles and Explanation | Debit | Credit |
Nov. 1Dec. 11Dec. 16Dec. 31 | |||
Nov. 1Dec. 11Dec. 16Dec. 31 | |||
Nov. 1Dec. 11Dec. 16Dec. 31 | |||
Nov. 1Dec. 11Dec. 16Dec. 31 | |||
(b)Record the collection of the Jeanne note at its maturity in 2015.(Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275.)
Date | Account Titles and Explanation | Debit | Credit |
Nov. 1Dec. 11Dec. 16Dec. 31 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started