Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov 1 Dec. 11 (a) 16 31 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note Received a $4,000, 180 day. 9% note to settle an open account from Joe Fernetti Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn 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, eg 5,275. Record journal entries in the order presented in the problem)

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Bad Debts

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The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.