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Show Attempt History Current Attempt in Progress Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022.
Show Attempt History Current Attempt in Progress Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day, 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Date Explan Nov. 1 Notes Receivable Cash Dec. 11 Notes Receivable Sales Revenue Dec. 16 Notes Receivable Accounts Receivable Dec. 31 Interest Receivable Interest Revenue 30000 85500 87840 1246 30000 85500 87840 1246 (b) Your answer is partially correct. Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Nov. 1 Cash Account Titles and Explanation Debit Credit Interest Revenue Interest Receivable Notes Receivable
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