Notes Receivables 2018 July1. Sold inventory to Go – Mart receiving a $37,000, nine months, 12% note. Dec. 31. Made an adjusting entry to accrue interest on the note. 2019 April 1 Collected the maturity value of the Go – Mart note. Nov. 16 Loaned $23,000 cash to Greed Inc. receiving a 90 day, 6% note. Dec. 31 Accrue interest on the

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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  1. Notes Receivables

2018

July1.         Sold inventory to Go – Mart receiving a $37,000, nine months, 12% note.

Dec. 31.    Made an adjusting entry to accrue interest on the note.

 

2019

April 1         Collected the maturity value of the Go – Mart note.

Nov. 16       Loaned $23,000 cash to Greed Inc. receiving a 90 day, 6% note.

Dec. 31        Accrue interest on the Creed Inc. note.

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