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Prepare journal entries to record Callaho Inc.'s transactions. Round all values to the nearest cent. a. December 7, 2013: Accepted a $8,600, 30-day, 12% note
Prepare journal entries to record Callaho Inc.'s transactions. Round all values to the nearest cent. a. December 7, 2013: Accepted a $8,600, 30-day, 12% note dated this day in granting Travis McAllister a time extension on the past-due account. b. December 31, 2013: An adjusting entry was made to record the accrued interest on the Travis McAllister note. c. December 31, 2013: Closed the interest revenue account. d. January 6, 2014: Received Travis McAllister's payment for the principal and interest on the note dated December 7. e. June 1, 2014: Callaho Inc. accepted a note from Joseph Stiller for $3,800, 90-day, 11% dated this day granting a time extension on the past-due account. f. Determine the date that transaction (e) matures and record the entry to show the collection. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). General Journal Account/Explanation Page Gj1 F Debit Credit Date + Chei te lansaction IELLEI as me uescription Wien enteng me uansaCIONS III Le journal. Dates must be entered II me oma uu (.E., January 13 would be 15/Jan). General Journal Account/Explanation Page Gj1 F Debit Credit Date Official Time: 20-20.05 QUDRAIT AND ADV SAVE AND CLOSE
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