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See below. Exercise 9-12 a-b Whispering Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company
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Exercise 9-12 a-b Whispering 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 Dec. 11 Loaned $22,800 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $56,250, 90-day, 8% note. Received a $47,400, 180 day, 12% notei exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. 16 31 Your answer is partially correct. Try again. Journalize the transactions for Whispering Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to o decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 1 Notes Receivable 22800 Cash 22800 Dec. 11 Notes Receivable 56250 Sales Revenue 56250 Dec. 16 Notes Receivable 47400 Accounts Receivable 47400 Dec. 31 Interest Receivable Interest Revenue Your answer is partially correct. Try again. Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Nov. 1 Cash Notes Receivable 22800 Interest Receivable Interest Revenue Click if you would like to Show Work for this question: Open Show WorkStep by Step Solution
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