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. Requirement 2. Show what Bueno Foods will report on its comparative classified balance sheet at December 31, 2022, and December 31, 2021, for Notes Receivable and Interest Receivable. (Only report the related transactions given. Ignore the cash balance as the transactions provided are only selected transactions.)
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. Requirement 2. Show what Bueno Foods will report on its comparative classified balance sheet at December 31, 2022, and December 31, 2021, for Notes Receivable and Interest Receivable. (Only report the related transactions given. Ignore the cash balance as the transactions provided are only selected transactions.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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2021
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Oct
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31
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Sold goods to Basic Foods, receiving a $31,000, three-month, 6% note. (You
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do not need to make the cost of goods sold
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Dec
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31
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Made an
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2022
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Jan
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31
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Collected the Basic Foods note.
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Nov
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11
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Loaned $14,600 cash to Strathroy Provisions, receiving a 90-day, 9.25% note.
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Dec
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31
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Accrued the interest on the Strathroy Provisions note.
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Requirement 2. Show what Bueno Foods will report on its comparative classified balance sheet at December 31, 2022, and
December 31, 2021, for Notes Receivable and Interest Receivable. (Only report the related transactions given. Ignore the cash balance as the transactions provided are only selected transactions.)
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