Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wildhorse Co has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue

image text in transcribed
Wildhorse Co has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest oncept at December 31 Nov 1 Dec. 11 16 31 Loined $18.750 cash to Mary Lopez on a 12 monthnote Sold goods to Ralph Kremer,Inc. receiving a $36,000, 90-day, note Received a $25.200, 180 day 10 note in exchange for Joe Femetti's outstanding accounts receivable Accrued interest revenue on all notes receivable. Your answer is partially correct Journalize the transactions for Widhorse Condit accountides are automatically indented when amount is entered Do not Indent manually Use 360 days for calculation, Round onwers to decimal place, 5.275. Record journal entries in the order presented in the problem.) Date Acxmount Titles and Explanation Dobit Credit Notes 18750 Cash 18750 e 11 v Not Recible 36000 See 36000 16 Not Receivable 25200 Accounts Receivable 25200 31 Irrest Recev Instve e Textbook and Media List of Accounts Your answer is partially correct Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are outomatically indented when amount entered. Do not inden manually Account Tinand Explanation Debit Crit Date Dec 31 e Textbook and Media List of Accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Auditing

Authors: Basu

1st Edition

8131728854, 978-8131728857

More Books

Students also viewed these Accounting questions