Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION #1 Harris Supply Co. has the following transactions related to notes receivable during the last year: Jan. 11 Sold goods to B. J. Good,

image text in transcribed
QUESTION #1 Harris Supply Co. has the following transactions related to notes receivable during the last year: Jan. 11 Sold goods to B. J. Good, receiving a $38,000, 2-year, 8.5% note. Feb. 5 Received a $12.800. 3-year. 5.45% note to settle an outstanding account receivable from M. Stu. May 21 Loaned $95.000 cash to B. Woods on a 1-year, 19.75% note. Aug. 16 Sold goods to R. P. Mayrl, Inc., receiving a $9,500, 180-day, 6.7% note. Nov. 25 Received a $18,000. 6-month, 12.11% note to settle an open account from M. Kline. Dec. 31 Accrued interest revenue on all notes receivable. Instructions Journalize the transactions above. Assume a 360-day year. 30 day months, nearest interval of days (as shown in lecture example). Round to 2 decimal places when needed

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

More Books

Students also viewed these Accounting questions