Bramble Supply 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 except at December 31.How would I journalize the transactions for Bramble Supply Co? (Ignore entries for cost of goods sold.)Nov. 1 Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note.Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note.16 Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable.31 Accrued interest revenue on all notes receivable. # Chapter 9 Homework Assignment## Question 4 of 5---### Journal Entries**Date** | **Account Titles and Explanation** | **Debit** | **Credit**---|---|---|---Nov. 1 | Notes Receivable | 13,200 | | Accounts Receivable | | 13,200Dec. 11 | | | Dec. 16 | | | Dec. 31 | | | ---This section displays a journal entry for transactions involving notes and accounts receivable. On November 1, Notes Receivable is debited for $13,200 while Accounts Receivable is credited for the same amount, indicating a transfer of the receivable.There are no entries filled in for December 11, December 16, and December 31. Students are likely required to complete these entries as part of the exercise.

Interest accrued on Nov. 1 notes = 13,200 x 10% x 2/12 = $220 Interest accrued on Dec. 11 notes =…

Answered: Bramble Supply Co. has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Bramble Supply 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 except at December 31.

How would I journalize the transactions for Bramble Supply Co? (Ignore entries for cost of goods sold.)

Nov. 1		Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11		Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note.
16		Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31		Accrued interest revenue on all notes receivable.

# Chapter 9 Homework Assignment

## Question 4 of 5

---

### Journal Entries

**Date** | **Account Titles and Explanation** | **Debit** | **Credit**
---|---|---|---
Nov. 1 | Notes Receivable | 13,200 |
| Accounts Receivable | | 13,200
Dec. 11 | | |
Dec. 16 | | |
Dec. 31 | | |

---

This section displays a journal entry for transactions involving notes and accounts receivable. On November 1, Notes Receivable is debited for $13,200 while Accounts Receivable is credited for the same amount, indicating a transfer of the receivable.

There are no entries filled in for December 11, December 16, and December 31. Students are likely required to complete these entries as part of the exercise.

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