Current Attempt in Progress Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year. Dec. 1 Loaned $11,520 cash to J. Cash on a 1-year, 5% note. 16 Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Carla Vista Distributors. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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### Current Attempt in Progress

#### Details of Transactions for Carla Vista Distributors

Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year:

- **Dec. 1:** Loaned $11,520 cash to J. Cash on a 1-year, 5% note.
- **Dec. 16:** Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note.
- **Dec. 31:** Accrued interest revenue on all notes receivable.

#### Instructions for Journalizing Transactions

Journalize the transactions for Carla Vista Distributors. 

**Note:**
- Credit account titles are automatically indented when the amount is entered. Do not indent manually.
- Record journal entries in the order presented in the problem.
- Use 360 days for calculation.
- List all debit entries before credit entries.

Below is the table to be used for journalizing the transactions:

| Date | Account Titles and Explanation | Debit | Credit |
|------|--------------------------------|-------|--------|
|      |                                |       |        |
|      |                                |       |        |
|      |                                |       |        |

Feel free to follow the structure of the table to accurately record the aforementioned transactions. Remember to maintain the formatting to ensure clarity and proper accounting standards.
Transcribed Image Text:### Current Attempt in Progress #### Details of Transactions for Carla Vista Distributors Carla Vista Distributors has the following transactions related to notes receivable during the last month of the year: - **Dec. 1:** Loaned $11,520 cash to J. Cash on a 1-year, 5% note. - **Dec. 16:** Sold goods to W. Jennings, receiving a $9,600, 60-day, 6% note. - **Dec. 31:** Accrued interest revenue on all notes receivable. #### Instructions for Journalizing Transactions Journalize the transactions for Carla Vista Distributors. **Note:** - Credit account titles are automatically indented when the amount is entered. Do not indent manually. - Record journal entries in the order presented in the problem. - Use 360 days for calculation. - List all debit entries before credit entries. Below is the table to be used for journalizing the transactions: | Date | Account Titles and Explanation | Debit | Credit | |------|--------------------------------|-------|--------| | | | | | | | | | | | | | | | Feel free to follow the structure of the table to accurately record the aforementioned transactions. Remember to maintain the formatting to ensure clarity and proper accounting standards.
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