Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022 Nov. 1 Loaned $19,200 cash to Soozie Takham on a 1 - year, 10% note. Dec. 11 Sold goods to Joe TraterInc., receiving a $8,550, 90-day8% note. Dec. 16 Received a $ 5,760, 6-month 9% note in exchange for Boba Fett's outstanding accounts receivable Dec. 31 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 Nov. 1 Loaned $19,200 cash to Soozie Takham on a 1 - year, 10% note. Dec. 11 Sold goods to Joe TraterInc., receiving a $8,550, 90-day8% note. Dec. 16 Received a $ 5,760, 6-month 9% note in exchange for Boba Fett's outstanding accounts receivable Dec. 31 Accrued interest revenue on all notes receivable.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
![Metlock Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2022 Nov. 1 Loaned $19,200 cash to
Soozie Takham on a 1 - year, 10% note. Dec. 11 Sold goods to Joe
TraterInc., receiving a $8,550, 90-day8% note. Dec. 16 Received a $
5,760, 6-month 9% note in exchange for Boba Fett's outstanding accounts
receivable Dec. 31 Accrued interest revenue on all notes receivable.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd939741a-480b-4fa8-8ffd-0bc4bf122919%2F6f98a438-8321-498a-a0f6-00ffe0293cef%2Fe8a5nhn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Metlock Supply Co. has the following transactions related to notes
receivable during the last 2 months of 2022 Nov. 1 Loaned $19,200 cash to
Soozie Takham on a 1 - year, 10% note. Dec. 11 Sold goods to Joe
TraterInc., receiving a $8,550, 90-day8% note. Dec. 16 Received a $
5,760, 6-month 9% note in exchange for Boba Fett's outstanding accounts
receivable Dec. 31 Accrued interest revenue on all notes receivable.
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