Monty Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $77,000 cash to C. Bohr on a 12-month, 12% note. Sold goods to K. R. Pine, Inc., receiving a $3,300, 90-day, 6% note. Received a $12,000, 180-day, 7% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Monty Corp. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. Round intermediate calculations to 5 decimal places, e.g. 15.25127 and final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit credit

Monty Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $77,000 cash to C. Bohr on a 12-month, 12% note. Sold goods to K. R. Pine, Inc., receiving a $3,300, 90-day, 6% note. Received a $12,000, 180-day, 7% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Monty Corp. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. Round intermediate calculations to 5 decimal places, e.g. 15.25127 and final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit credit

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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