I NEED HELPING MAKING THE TABLE 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. ### Journalizing Transactions for Novak Supply Co.This exercise involves recording transactions for Novak Supply Co. The focus is on proper journal entries excluding the entries for the cost of goods sold. The format and necessary instructions for making these journal entries are provided below.#### Instructions for Journalizing:- **Credit Account Titles** are automatically indented when the amount is entered, therefore **manual indentation is not required**.- Use **360 days** for any necessary calculations.- **Round answers** to zero decimal places (e.g., 5,275).- **Record journal entries** in the order presented in the problem.#### Journal Entry Format:The journal entry format provided includes the following columns:1. **Date**: The date of the transaction.2. **Account Titles and Explanation**: Includes the accounts to be debited and credited along with any explanatory notes.3. **Debit**: The amount to be debited.4. **Credit**: The amount to be credited.Here is the table to be filled out:| Date | Account Titles and Explanation | Debit | Credit ||------------|--------------------------------|-------------|-------------|| [Dropdown] | | | || | | | || [Dropdown] | | | || | | | || [Dropdown] | | | || | | | || [Dropdown] | | | || | | | || [Dropdown] | | | || | | | |The table is structured with dropdown menus for the date selection and blank fields for entering account titles, explanations, and corresponding debit and credit values. This format ensures clarity and accuracy in recording journal entries.Feel free to utilize this format to practice and master journalizing transactions for Novak Supply Co.

The maturity period for different notes is computed by adding the period to the issue dates for…

Answered: Novak Supply Co. has the following…

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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I NEED HELPING MAKING THE TABLE 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.

### Journalizing Transactions for Novak Supply Co.

This exercise involves recording transactions for Novak Supply Co. The focus is on proper journal entries excluding the entries for the cost of goods sold. The format and necessary instructions for making these journal entries are provided below.

#### Instructions for Journalizing:
- **Credit Account Titles** are automatically indented when the amount is entered, therefore **manual indentation is not required**.
- Use **360 days** for any necessary calculations.
- **Round answers** to zero decimal places (e.g., 5,275).
- **Record journal entries** in the order presented in the problem.

#### Journal Entry Format:

The journal entry format provided includes the following columns:
1. **Date**: The date of the transaction.
2. **Account Titles and Explanation**: Includes the accounts to be debited and credited along with any explanatory notes.
3. **Debit**: The amount to be debited.
4. **Credit**: The amount to be credited.

Here is the table to be filled out:

| Date | Account Titles and Explanation | Debit | Credit |
|------------|--------------------------------|-------------|-------------|
| [Dropdown] | | | |
| | | | |
| [Dropdown] | | | |
| | | | |
| [Dropdown] | | | |
| | | | |
| [Dropdown] | | | |
| | | | |
| [Dropdown] | | | |
| | | | |

The table is structured with dropdown menus for the date selection and blank fields for entering account titles, explanations, and corresponding debit and credit values. This format ensures clarity and accuracy in recording journal entries.

Feel free to utilize this format to practice and master journalizing transactions for Novak Supply Co.

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