2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31 Made an adjusting entry to accrue interest on the Basic Foods note. 2022 Jan 31 Collected the Basic Foods note. Nov 11 Loaned $14,600 cash to Strathroy Provisions, receiving a 90-day, 9.25% note. Dec 31 Accrued the interest on the Strathroy Provisions note. Dec 31: Made an adjusting entry to accrue interest on the Basic Foods note. (Round your final calculation to the nearest whole dollar.)
2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31 Made an adjusting entry to accrue interest on the Basic Foods note. 2022 Jan 31 Collected the Basic Foods note. Nov 11 Loaned $14,600 cash to Strathroy Provisions, receiving a 90-day, 9.25% note. Dec 31 Accrued the interest on the Strathroy Provisions note. Dec 31: Made an adjusting entry to accrue interest on the Basic Foods note. (Round your final calculation to the nearest whole dollar.)
2021 Oct 31 Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You do not need to make the cost of goods sold journal entry for this transaction.) Dec 31 Made an adjusting entry to accrue interest on the Basic Foods note. 2022 Jan 31 Collected the Basic Foods note. Nov 11 Loaned $14,600 cash to Strathroy Provisions, receiving a 90-day, 9.25% note. Dec 31 Accrued the interest on the Strathroy Provisions note. Dec 31: Made an adjusting entry to accrue interest on the Basic Foods note. (Round your final calculation to the nearest whole dollar.)
Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You
do not need to make the cost of goods sold journal entry for this transaction.)
Dec
31
Made an adjusting entry to accrue interest on the Basic Foods note.
2022
Jan
31
Collected the Basic Foods note.
Nov
11
Loaned $14,600 cash to Strathroy Provisions, receiving a 90-day, 9.25% note.
Dec
31
Accrued the interest on the Strathroy Provisions note.
Dec 31: Made an adjusting entry to accrue interest on the
Basic Foods
note. (Round your final calculation to the nearest whole dollar.)
PrintDone
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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