Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Oriole Company has the following transactions related to notes receivable during the last 2 months of 2019The company does not make entries to accrue interest
Oriole Company has the following transactions related to notes receivable during the last 2 months of 2019The company does not make entries to accrue interest except at December 31. Loaned $23,500 cash to Manny Lopez on a 12 month, 12% note. Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Nov. 1 Dec. 11 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 1 Accrued interest revenue on all notes receivable. Journalize the transactions for Oriole Company (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 1 Accounts Payable Cash Dec. 11 Sales Revenue Cash Dec. 16Accounts Receivable Cash Dec. 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