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 the year. The company does not make entries to

Wildhorse Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $65,400 cash to C. Bohr on a 12-month, 6% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 9% note. 16 Received a $4,800, 180-day, 10% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Wildhorse Co. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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_2

Step: 3

blur-text-image_3

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

Accounting 111

Authors: Carl S. Warren

1st Edition

1111065624, 978-1111065621

More Books

Students also viewed these Accounting questions