Journalize the following transactions (use a 360-day year in interest calculations): Mar. 1 Received a 60-day, 10% note for $36,000, dated March 1, from Toy Co. in exchange for their outstanding account. Apr. 30 Received amount due on note above. Nov. 1 Received a 120-day, 10% note for $4,800, dated November 1, from Bear Co. in exchange for their outstanding account. Dec. 31 Recorded the adjusting entry for the accrued interest on December 31 on the Bear Co. note. (for each Journal Entry, omit the 4th journalizing step of providing an explanation): JOURNAL Date Post. DR CR Mar 1 Apr 30 Nov 1 Dec 31
Journalize the following transactions (use a 360-day year in interest calculations):
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Mar. 1 |
Received a 60-day, 10% note for $36,000, dated March 1, from Toy Co. in exchange for their outstanding account. |
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Apr. 30 |
Received amount due on note above. |
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Nov. 1 |
Received a 120-day, 10% note for $4,800, dated November 1, from Bear Co. in exchange for their outstanding account. |
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Dec. 31 |
Recorded the
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(for each
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JOURNAL Date Post. DR CR |
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Mar 1 |
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Apr 30 |
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Nov 1 |
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Dec 31 |
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