Question
the following are notes receivable transactions for Crane Co. May 1 Received $11.000, six month, 6% note fro Jale Company is settlement of an account
the following are notes receivable transactions for Crane Co.
May 1 Received $11.000, six month, 6% note fro Jale Company is settlement of an account receivable. Interest is due at maturity.
June 30 Accrued interest on the Jioux note, at Crane's year end. Adjustments recorded annually.
July 31 Lent $2,400 cash to an employee Noreen Irvine, receiving a two-month 5% note. Interest is due at the end of each month
August 31 Received the interest due from Ms. Irvne
Sep 30 Received paymnet in full from Ms. Irvine
Nov 1. Jioux company defaulted on its note. Crane does not expect to collect on the note.
Record the transactions for Crane Co.. Crane Co uses only one allowance account for both accounts and notes receivable.( list all credit entries before debit entries Round answers to 0 decimal places)
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