Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me journalize these transactions for cheyenne supply company Cheyenne Supply Co. has the following transactions related to notes receivable during the last 2

please help me journalize these transactions for cheyenne supply company

image text in transcribed
Cheyenne Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $16,000 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $36,000, 90-day, 10% note. Received a $37,200, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable

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

College Accounting Chapters 1-13

Authors: John Price

14th Edition

007763991X, 9780077639914

More Books

Students also viewed these Accounting questions

Question

7. How can an interpreter influence the utterer (sender)?

Answered: 1 week ago