Skysong Supply Co. has the following transactions related to Notes Receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to K. Perry on a 1-year, 8% note. Dec. 11 16 31 Sold goods to Acme, Inc., receiving a $11,700, 90-day, 8% note. Received a $29,100, 6-month, 8% note to settle an open account from L. Richie. Accrued interest revenue on all notes receivable.
Skysong Supply Co. has the following transactions related to Notes Receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to K. Perry on a 1-year, 8% note. Dec. 11 16 31 Sold goods to Acme, Inc., receiving a $11,700, 90-day, 8% note. Received a $29,100, 6-month, 8% note to settle an open account from L. Richie. Accrued interest revenue on all notes receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Skysong Supply Co. has the following transactions related to Notes Receivable during the last 2 months of the year.
Nov. 1 Loaned $90,000 cash to K. Perry on a 1-year, 8% note.
Dec. 11
16
31
Sold goods to Acme, Inc., receiving a $11,700, 90-day, 8% note.
Received a $29,100, 6-month, 8% note to settle an open account from L. Richie.
Accrued interest revenue on all notes receivable.
Transcribed Image Text:Journalize the transactions for Skysong Supply Co. Omit cost of goods sold entries. (Credit account titles are automatically indented when
the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account
titles and enter O for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
TH
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