Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to

image text in transcribed
Oriole Company 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 Loaned $74,000 cash to C. Bohr on a 12 -month, 12% note. Dec. 11 Sold goods to K. R. Pine, Inc, receiving a $3,300,90-day, 6% note. 16 Received a $9,900,180-day, 7% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Oriole Company (Omit cost of goods sold entries.) (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titfes and enter O for the amounts. Use 360 days for calculation. Round intermedlate calculations to 5 decimal places, es. 15.25127 and final answers to O decimal places, eg. 5.275

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

Auditing A Complete Guide To Perform Internal And External Audits

Authors: Tim Power

1st Edition

1801490031, 978-1801490030

More Books

Students also viewed these Accounting questions

Question

=+ (a) Prove Cantelli's inequality P[X-mzalso2+a2' G2 @0.

Answered: 1 week ago