The following selected transactions for notes receivable are for Marx Limited May 1 Received a six-month, 5%, $15,120 note on account from Blackstone Limited Interest is due at maturity Accrued interest on the Blackstone note on this date, which is Marx's year end. June 30 July 1 Aug 1 Lent $13,200 cash to an employee, Noreen Wong, issuing a three-month, 7% note. Interest is due at the beginning of each month, starting Augus Received the interest due from Ms. Wong Sept. 1 Received the interest due from Ms. Wong Oct. 1 Received payment in full for the employee note from Ms. Wong. Nov 1 Wrote off the Blackstone note because Blackstone defaulted. Future payment is not expected

The following selected transactions for notes receivable are for Marx Limited May 1 Received a six-month, 5%, $15,120 note on account from Blackstone Limited Interest is due at maturity Accrued interest on the Blackstone note on this date, which is Marx's year end. June 30 July 1 Aug 1 Lent $13,200 cash to an employee, Noreen Wong, issuing a three-month, 7% note. Interest is due at the beginning of each month, starting Augus Received the interest due from Ms. Wong Sept. 1 Received the interest due from Ms. Wong Oct. 1 Received payment in full for the employee note from Ms. Wong. Nov 1 Wrote off the Blackstone note because Blackstone defaulted. Future payment is not expected

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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