The following selected transactions for notes receivable are for Laramie Limited. May 1 Received a six-month,...
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The following selected transactions for notes receivable are for Laramie Limited. May 1 Received a six-month, 5%, $9,840 note on account from Blackstone Limited. Interest is due at maturity. June 30 Accrued interest on the Blackstone note on this date, which is Laramie's year end. Lent $8,200 cash to an employee, Noreen Wong, issuing a three-month, 7% note. Interest is due at the beginning of each month, starting August 1. Received the interest due from Ms. Wong. July 1 Aug. 1 Sept. 1 Received the interest due from Ms. Wong. Oct. 1 Received payment in full for the employee note from Ms. Wong. Nov. 1 Wrote off the Blackstone note because Blackstone defaulted. Future payment is not expected. Record the above transactions for Laramie Limited. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation May 10 Notes Receivable Accounts Receivable June 30 O Interest Receivable Interest Expense July 1 Notes Receivable Cash Aug. 1 Cash Debit Credit 9840 82 8200 191.30 9840 82 8200 Aug. 1 0 Cash Sept. 1 c Interest Expense Cash Interest Expense Oct. 1 Cash Notes Receivable Interest Expense Nov. 1 O Bad Debts Expense Notes Receivable Interest Receivable 191.30 191.30 8391.30 9922 191.30 191.30 191.30 8200 82 9840 The following selected transactions for notes receivable are for Laramie Limited. May 1 Received a six-month, 5%, $9,840 note on account from Blackstone Limited. Interest is due at maturity. June 30 Accrued interest on the Blackstone note on this date, which is Laramie's year end. Lent $8,200 cash to an employee, Noreen Wong, issuing a three-month, 7% note. Interest is due at the beginning of each month, starting August 1. Received the interest due from Ms. Wong. July 1 Aug. 1 Sept. 1 Received the interest due from Ms. Wong. Oct. 1 Received payment in full for the employee note from Ms. Wong. Nov. 1 Wrote off the Blackstone note because Blackstone defaulted. Future payment is not expected. Record the above transactions for Laramie Limited. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation May 10 Notes Receivable Accounts Receivable June 30 O Interest Receivable Interest Expense July 1 Notes Receivable Cash Aug. 1 Cash Debit Credit 9840 82 8200 191.30 9840 82 8200 Aug. 1 0 Cash Sept. 1 c Interest Expense Cash Interest Expense Oct. 1 Cash Notes Receivable Interest Expense Nov. 1 O Bad Debts Expense Notes Receivable Interest Receivable 191.30 191.30 8391.30 9922 191.30 191.30 191.30 8200 82 9840
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