The following selected transactions occurred during 2012 for Caspian Importers. The company ends its accounting year on
Question:
The following selected transactions occurred during 2012 for Caspian Importers.
The company ends its accounting year on April 30, 2012:
Feb 1 Loaned $14,000 cash to Brett Dowling on a one-year, 8% note.
Apr 6 Sold goods to Putt Masters, receiving a 90-day, 6% note for $9,000.
30 Made a single entry to accrue interest revenue on both notes.
Requirement
1. Journalize all required entries from February 1 through April 30, 2012. Use a 360-day year for interest computations.
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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