Question
Print Item Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
Print Item
Entries for Notes Receivable, Including Year-End Entries
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
20Y7 | |
Dec. 7. | Received from Unitarian Clothing and Bags Co., on account, a $42,000, 60-day, 7% note dated December 7. |
Dec. 31. | Recorded an adjusting entry for accrued interest on the note of December 7. |
Dec. 31. | Recorded the closing entry for interest revenue. |
20Y8 | |
Feb. 5. | Received payment of note and interest from Unitarian Clothing & Bags Co. |
Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018
If required, round the interest to the nearest cent.
20Y7, Dec. 7 | Accounts Receivable-Unitarian Clothing and Bags Co.Allowance for Doubtful AccountsBad Debt ExpenseCashInterest ReceivableNotes Receivable | - Select - | - Select - |
Accounts Receivable-Unitarian Clothing and Bags Co.Allowance for Doubtful AccountsBad Debt ExpenseCashInterest ReceivableNotes Receivable | - Select - | - Select - | |
Dec. 31 | CashCommon StockInterest ExpenseInterest PayableInterest ReceivableUnearned Interest | - Select - | - Select - |
CashInterest ExpenseInterest ReceivableInterest RevenueNotes ReceivableUnearned Interest | - Select - | - Select - | |
Dec. 31 | CashCommon StockInterest ExpenseInterest RevenueNotes ReceivableUnearned Interest | - Select - | - Select - |
CashCommon StockDividendsInterest ExpenseNotes ReceivableRetained Earnings | - Select - | - Select - | |
20Y8, Feb. 5 | Allowance for Doubtful AccountsBad Debt ExpenseCashInterest PayableInterest ReceivableUnearned Interest | - Select - | - Select - |
Allowance for Doubtful AccountsBad Debt ExpenseCashInterest ExpenseInterest PayableNotes Receivable | - Select - | - Select - | |
Allowance for Doubtful AccountsBad Debt ExpenseCashInterest ExpenseInterest PayableInterest Receivable | - Select - | - Select - | |
Allowance for Doubtful AccountsBad Debt ExpenseCashInterest ExpenseInterest PayableInterest Revenue | - Select - | - Select - |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started