Question
The following selecred rransaccions occurred during 2016 and 2017 for Mediterranean Importers. The company ends irs accouncin. g year on April 30. 2016 Learning Objective
The following selecred rransaccions occurred during 2016 and 2017 for Mediterranean Importers. The company ends irs accouncin. g year on April 30. 2016 Learning Objective 4 Receivables 5I7 Recorded credit card sales of $96,000, net of processor fee of 1 %. Ignore Cost of Goods Sold. Loaned $23,000 to Jess Prich.et!, an executive with the company; on a one- year, 12% note. Accrued interest revenue on the Prichett note. Collected the maturity value of the Prichett note. Learning Objective 4 Feb. 1, 2017 Cash DR $21,200 Feb. Apr. 6 Apr. 30 ? 2017 Feb. 1 loaned $20,000 cash to Candace Smith on a one-year. 6% note. Sold goods to Green Masters. receiving a 90-day, 9% note for $10,000. Ignore Cost of Goods Sold. Made a single entry to accrue interest revenue on both notes. Collected the maturity value of the Green Masters note. Collected the maturity value of the Smith note. Journalize all required entries. Make sure co determine che missing maturity dare.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started