Gd.24. Entries for Notes Receivable, Including Year-End EntriesThe following selected transactions were completed by Fasteners Inc. Co, a supplier of buttons and zippers for clothing:2013Nov. 21Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 6% note dated November 21 in settlement of a past dueaccount.Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21.20Y4Jan. 20. Received payment of note and interest from McKenna Outer Wear CoJournalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 300-day year when calculating interest. Round answers to thenearest dollar amount.2013, Nov 21Dec 31Cash2014 Jan. 20 Interest ExpenseInterest PayableInterest RevenueNotes Receivable

Notes Receivable - Notes Receivable is an instrument issued by the payer to the payee against the…

Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co, a supplier of buttons and zippers for clothing 2013 Nov. 21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 6% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 300-day year when calculating interest. Round answers to the nearest dollar amount. 2013, Nov. 21 Dec 31 Cash 20Y4, Jan. 20 Interest Expense Interest Payable Interest Revenue Notes Receivable

Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co, a supplier of buttons and zippers for clothing 2013 Nov. 21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 6% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 300-day year when calculating interest. Round answers to the nearest dollar amount. 2013, Nov. 21 Dec 31 Cash 20Y4, Jan. 20 Interest Expense Interest Payable Interest Revenue Notes Receivable

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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