Requirements 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. Explanations are not required. 2. Show what General Mills's will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2020. Requirement 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. (Record debits first, then credits. Explanations are not require November 30, 2019: Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. Transactions 2019 Nov. 30 Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. 31 Made an adjusting entry to accrue interest on the Salfon note. Dec 2020 Feb 28 Collected the Salfon note. Mar Received a 90-day, 8.25%, $7.800 note from Lale Joli Goût on account. Sold the Lale note to Claire Bank, receiving cash of $7,700. Dec. 16 Loaned $15,400 cash to Btrathroy Provisions, receiving a 90-day, 9.25% note. 31 Accrued the interest on the Btrathroy Provisions note. Print Done

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.