Metlock 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 $18,500 cash to Manny Lopez on a 12 month, 12% note. Sold goods to Ralph Kremer, Inc., receiving a $45,000, 90-day, 10% note. Received a $47,600, 180 day, 12% note to settle an open account from Joe Fernetti. Accrued interest revenue on all notes receivable.

Metlock 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 $18,500 cash to Manny Lopez on a 12 month, 12% note. Sold goods to Ralph Kremer, Inc., receiving a $45,000, 90-day, 10% note. Received a $47,600, 180 day, 12% note to settle an open account from Joe Fernetti. Accrued interest revenue on all 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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