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The following selected transactions were completed by Fasteners Inc. Co, a supplier of buttons and rippers for dothing 2013 Nov. 21. Received from McKenna Outer

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The following selected transactions were completed by Fasteners Inc. Co, a supplier of buttons and rippers for dothing 2013 Nov. 21. Received from McKenna Outer Wear Co, on account, a 596,000, 60-day, note dated November 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21 2045 Jan. 20. Anceived payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume 360-day year when calculating interest 2013, Nov. 21 Notes Receivable Accounts Receivable-McKenna Outer Wear Co. Dec 31 Interest Receivable Interest Revenue 2014, Jan20 Cash Notes Receivable Interest Receivable lll. Interest Revenue

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