Novak Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $27,000 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $74,250, 90-day, 8% note. 16 Received a $95,400, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.
Novak Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $27,000 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $74,250, 90-day, 8% note. 16 Received a $95,400, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
CAN SOMEONE HELP ME FIGURE OUT NOV. CHART ?
Novak Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31.
| Nov. 1 | Loaned $27,000 cash to Manny Lopez on a 12-month, 10% note. | |
| Dec. 11 | Sold goods to Ralph Kremer, Inc., receiving a $74,250, 90-day, 8% note. | |
| 16 | Received a $95,400, 180 day, 8% note in exchange for Joe Fernetti’s outstanding |
|
| 31 | Accrued interest revenue on all notes receivable. |
Transcribed Image Text:Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. Use 360 days for calculation.)
Date
Account Titles and Explanation
Debit
Credit
Nov.
1
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