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Please help and show all calculations! 2021 Oct 31 Sold goods to BiLo's Foods, receiving a $40,000, three-month, 5.75% note. (You do not need to
Please help and show all calculations!
2021 Oct 31 Sold goods to BiLo's Foods, receiving a $40,000, three-month, 5.75% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31 Made an adjusting entry to accrue interest on the BiLo's Foods note. 2022 Jan 31 Collected the BiLo's Foods note. Nov 11 Loaned $15,000 cash to Strathroy Provisions, receiving a 90-day, 9.25\% note. Dec 31 Accrued the interest on the Strathroy Provisions note. Requirement 1. Record the transactions in Easy Meals' journal. Assume that no sales returns are expected. Round all amounts to the nearest dollar. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Oct 31: Sold goods to BiLo's Foods, receiving a $40,000, three-month, 5.75% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31: Made an adjusting entry to accrue interest on the BiLo's Foods note. (Round your final calculation to the nearest whole dollar.) Journal Entry Jan 31: Collected the BiLo's Foods note. (Round your final calculations to the nearest whole dollar.) Jov 11: Loaned $15,000 cash to Strathroy Provisions, receiving a 90-day, 9.25\% note. Dec 31: Accrued the interest on the Strathroy Provisions note. (Use 365 days in the interest calculation. Round your final calculations to the nearest whole dollar.) Journal Entry \begin{tabular}{lccc} \hline Date & \multicolumn{1}{c}{ Accounts } & Debit & Credit \\ \hline 2022 & & & \\ Dec & 31 Interest Receivable \\ & Interest Revenue & 190 & 190 \end{tabular} Requirement 2. Show what Easy Meals will report on its comparative classified balance sheet at December 31, 2022, and December 31 , 2021, for Notes Receivable and Interest Receivable. (Only report the related transactions given. Ignore the cash balance as the transactions provided are only selected transactions.)Step by Step Solution
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