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Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does no make entries to
Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does no make entries to accrue interest except at December 31. Nov. 1 Loaned HK\$30,000 cash to Manny Lopez on a 12-month, 10% note. Dec 11 Sold goods to Ralph Kremer, Inc, receiving a HK $85,500,90-day, 8% note. 16 Received a HK $87,840,180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Swifty 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 colculation. Round answers to O decimal places, eg. 5,275 . Record joumal entries in the order presented in the problem.) Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)
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