Question 3 View Policies Current Attempt in Progress Oriole Supply Co. has the following transactions: Nov. 1 Loaned $64,800 cash to A. Morgan on a one-year, 9% note. Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Oriole $7,500. Oriole uses the perpetual inventory system. Dec. 1 Sold goods to Wrightman, Inc., receiving a $21,600, three month, 7% note. The goods cost Oriole $14,400. 15 H. Giorgi was unable to pay her account. Giorgi gave Oriole a six-month, 8% note in settlement of her account. 31 Accrued interest revenue on all notes receivable. Interest is due at maturity. Mar. 1 Collected the amount owing on the Wrightman note. June H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Oriole Supply Co. Oriole Supply Co. has no stated return policy. (Credit account titles are automatical Debit Credit Date Nov. 1 Account Titles and Explanation Notes Receivable - Morgan 64800 Cash 64800 (Lend cash in exchange for a note.) Accounts Receivable - Giorgi Nov 15 12000 12000 Sales (To record sales on account.) Cost of Goods Sold Nov. 15 7500 Merchandise Inventory 7500 (To record cost of goods sold.) Notes Receivable - Wrightman Dec. 1 21600 Sales 21600 (To record sales in exchange for a note receivable.) Cost of Goods Sold Dec 1 14400 Merchandise Inventory 14400 (To record cost of goods sold.) Dec. 15 Notes Receivable - Giorgi 12000 Accounts Receivable - Giorgi 12000 (Accept note for accounts receivable.) Dec 31 Interest Receivable Interest Revenue (Accrue interest earned.) Cash 21978 Notes Receivable-Wrightman 21600 Interest Receivable 126 Interest Revenue 252 (To record collection of note receivable and interest.) June 15 Accounts Receivable - Giorgi Interest Revenue Interest Receivable Notes Receivable - Giorgi