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The following selected transactions occurred during 2024 and 2025 for Coral Importers. The company ends its accounting year on April 30. (Click the icon to
The following selected transactions occurred during 2024 and 2025 for Coral Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions.) Journalize all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 1: Loaned $11,000 cash to Britt Durant on a one-year, 6% note. Date Accounts and Explanation Debit Credit 2024 Feb. 1 Note Receivable-Britt Durant Cash Apr. 6: Sold goods to Green Pro, receiving a 90-day, 9% note for $7,000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2024 Apr. 6 Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 365-day year for the 90 day note interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit 2024 Apr. 30 Collected the maturity value of the Green Pro note. Make sure to determine the missing maturity date. (Prepare a single compound journal entry. Use a 365-day year for this interest computation. Round to the nearest cent.) Date Accounts and Explanation Debit Credit Feb. 1: Collected the maturity value of the Durant note. (Prepare a single compound journal entry. Use months for this interest computation.) Date Accounts and Explanation Debit Credit 2025 Feb. 1
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