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please answer a & b Vaughn Supply Co, has the following transactions related to notes receivable during the last 2 months of 2022. The company
please answer a & b
Vaughn Supply Co, has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov.1 Loaned $12,600 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $24,750,90-day, 8% note. 16 Received a $22,800,180 day, 10% note to settie an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Vaughn Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.j eTextbook and Media List of Accounts Save for later Attempts: 0 of 5 used Subnit Answer (b) Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when omount is entered. Do not indent manually.) Step by Step Solution
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