Options for Requirement 2:
Options for Requirement 1:
Requirements 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. Explanations are not required. 2. Show what General Mills's will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2020. C. Requirement 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. (Record debits first, then credits. Explanations are not required.) November 30, 2019: Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. Journal Entry Date Transactions Accounts Debit Credit 2019 ......... Nov. 30 2019 Nov. 30 Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. Made an adjusting entry to accrue interest on the Salfon note. Dec. 31 2020 December 31: Made an adjusting entry to accrue interest on the Salfon note. (Round your final calculation to the nearest whole dollar.) Feb. Mar. Journal Entry Date Accounts Debit 28 Collected the Salfon note. 1 1 Received a 90-day, 8.25%, $7,800 note from Lale Joli Got on account. 1 1 Sold the Lale note to Claire Bank, receiving cash of $7,700. 16 Loaned $15,400 cash to Btrathroy Provisions, receiving a 90-day, 9.25% note 31 Accrued the interest on the Btrathroy Provisions note. Credit Dec. 2019 Dec. 31 Print Done February 28, 2020: Collected the Salfon note. (Round your final calculations to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit 2020 Feb. 28 March 1: Received a 90-day, 8.25%, 57,800 note from Lale Joli Got on account. Journal Entry Date Accounts Debit Credit 2020 Mar. 1 March 1: Sold the Lale note to Claire Bank, receiving cash of $7,700. (Debit the difference to financing expense.) Journal Entry Date Accounts Debit Credit 2020 Mar. 1 December 16: Loaned $15,400 cash to Btrathroy Provisions, receiving a 90-day, 9.25% note. Journal Entry Date Accounts Debit Credit 2020 Dec. 16 December 31: Accrued the interest on the Btrathroy Provisions note. (Round your final calculations to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit 2020 Dec. 31 Requirement 2. Show what General Mills will report on its comparative classified balance sheet (related to these transactions) at December 31, 2019, and December 31, 2020. (Ignore the cash balance as the transactions provided are only selected transactions.) General Mills Canada Balance Sheet (Partial) December 31 2020 2019 Accounts receivable Current assets: Interest payable Interest receivable Long-term assets: Notes receivable Sales revenue Accounts Receivable-Btrathroy Provisions Accounts Receivable-Claire Bank Accounts ReceivableLale Joli Got Accounts ReceivableSalfon Cash Financing Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Note ReceivableBtrathroy Provisions Note Receivable-Claire Bank Note Receivable-Lale Joli Got Note Receivable-Salfon Sales Revenue
