Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 9% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes ReceivableNotes Receivable Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31 Interest ReceivableInterest Receivable Interest RevenueInterest RevenueDec. 31 Interest RevenueInterest Revenue Retained EarningsRetained Earnings20Y8, Feb. 5 CashCash Notes ReceivableNotes Receivable
Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 9% note dated December 7. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7. Dec. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018 If required, round the interest to the nearest cent. 20Y7, Dec. 7 Notes ReceivableNotes Receivable Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31 Interest ReceivableInterest Receivable Interest RevenueInterest RevenueDec. 31 Interest RevenueInterest Revenue Retained EarningsRetained Earnings20Y8, Feb. 5 CashCash Notes ReceivableNotes Receivable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Entries for Notes Receivable, Including Year-End Entries
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
| 20Y7 | |
| Dec. 7. | Received from Unitarian Clothing and Bags Co., on account, a $48,000, 60-day, 9% note dated December 7. |
| Dec. 31. | Recorded an |
| Dec. 31. | Recorded the closing entry for interest revenue. |
| 20Y8 | |
| Feb. 5. | Received payment of note and interest from Unitarian Clothing & Bags Co. |
If required, round the interest to the nearest cent.
20Y7, Dec. 7
Notes ReceivableNotes Receivable
Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31
Interest ReceivableInterest Receivable
Interest RevenueInterest RevenueDec. 31
Interest RevenueInterest Revenue
Retained EarningsRetained Earnings20Y8, Feb. 5
CashCash
Notes ReceivableNotes Receivable
Interest ReceivableInterest Receivable
Interest RevenueInterest Revenue
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education