Cheyenne Corp. 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. Loaned $13,800 cash to Manny Lopez on a 12 month, 10% note. Nov. 1 Sold goods to Ralph Kremer, Inc., receiving a $27,000, 90-day, 8% note. Dec. 11 Received a $21,000, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued interest revenue on all notes receivable. Record the collection of the Lopez note at its maturity in 202 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Cheyenne Corp. 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. Loaned $13,800 cash to Manny Lopez on a 12 month, 10% note. Nov. 1 Sold goods to Ralph Kremer, Inc., receiving a $27,000, 90-day, 8% note. Dec. 11 Received a $21,000, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued interest revenue on all notes receivable. Record the collection of the Lopez note at its maturity in 202 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cheyenne Corp. 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.
Loaned $13,800 cash to Manny Lopez on a 12 month, 10% note.
Nov. 1
Sold goods to Ralph Kremer, Inc., receiving a $27,000, 90-day, 8% note.
Dec. 11
Received a $21,000, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable.
16
31 Accrued interest revenue on all notes receivable.
Transcribed Image Text:Record the collection of the Lopez note at its maturity in 202 1. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)
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