ds to Ralph Kremer, Inc., receiving a $ 36,000, 90-day, 6% note. 16 Received a $ 21,600, 180 day, 12% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a)
ds to Ralph Kremer, Inc., receiving a $ 36,000, 90-day, 6% note. 16 Received a $ 21,600, 180 day, 12% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. (a)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ayayai 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.
Nov. 1 | Loaned $ 18,000 cash to Manny Lopez on a 12-month, 8% note. | |
Dec. 11 | Sold goods to Ralph Kremer, Inc., receiving a $ 36,000, 90-day, 6% note. | |
16 | Received a $ 21,600, 180 day, 12% note in exchange for Joe Fernetti’s outstanding accounts receivable. | |
31 | Accrued interest revenue on all notes receivable. |
(a)
Correct answer icon
Your answer is correct.
Journalize the transactions for Ayayai Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
choose a transaction date
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
(b)
Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
---|---|---|---|
Nov. 1
|
enter an account title to record the transaction on November 1
|
enter a debit amount
|
enter a credit amount
|
enter an account title to record the transaction on November 1
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the transaction on November 1
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title to record the transaction on November 1
|
enter a debit amount
|
enter a credit amount
|
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