Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Only need the number for the last entry (Dec. 31) Blossom Co. has the following transactions related to notes receivable during the last 2 months

Only need the number for the last entry (Dec. 31)
image text in transcribed
Blossom Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 Loaned $ 58,800 cash to C. Bohr on a 12 month, 8% note. Sold goods to K. R. Pine, Inc., receiving a $ 7.200, 90-day, 8% note. Received a $ 14,400, 180-day, 6% note to settle an open account from A Murdock. Accrued interest revenue on all notes receivable. 16 31 Journalize the transactions for Blossom Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Nov. 1 Notes Receivable 58600 Cash 58800 Dec. 11 Notes Receivable 7200 Sales Revenue 7200 Dec. 16 Notes Receivable 14400 Accounts Receivable Sec. 31 Interest Receivable Interest Revenue

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting International Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel

6th Edition

978-0470623275

More Books

Students also viewed these Accounting questions

Question

List the four steps in the model for giving praise.

Answered: 1 week ago

Question

List the criteria for setting objectives.

Answered: 1 week ago

Question

Describe four content motivation theories.

Answered: 1 week ago