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Vaughn Supply Co has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to
Vaughn Supply Co has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31 Nov. 1 Dec. 11 (a) 16 (b) 31 Journalize the transactions for Vaughn Supply Co. (Ignore entries for cost of goods sold) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation Round answers to 0 decimal places. eg 5,275 Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Nov 1 Dec 11 Dec 16 Dec 31 Loaned $12,600 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $24.750, 90-day, 8% note. Received a $22,800, 180 day, 10% note to settle an open account from Joe Fernetti. Accrued interest revenue on all notes receivable. eTextbook and Media V List of Accounts Save for Later Last saved 1 second ago. Date Nov. 1 Account Titles and Explanation Debit Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Attempts: 0 of 5 used Credit Submit Answer Credit
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