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The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions) Journakze all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) PASALAMNU 11 U DI LAU Date Accounts and Explanation 2024 Feb. 1 Note Receivable-Britt Durant Cash Date 2024 Apr. 8 Accepted note in exchange for cash Apr. 0: Sold goods to Putt Masters, receiving a 90-day, 90% note for $0,000. Ignore Cost of Goods Sold Accounts and Explanation Debit Credit pages Note Receivable-Putt Masters Sales Revenue 2024 Jul 5 to search Cash Note Receivable-Putt Masters Interest Revenue Interest Receivable Collected note receivable plus interest Get more help. Debit 11,000 B P 9.000 Credit 218.20 11,000 9.202.60 9,000 Sold goods for a note Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 305-day year for the 90 day note interest computation. Round to the nearest cent) Date Accounts and Explanation Debit Credit 2024 Apr 30 Interest Receivable Interest Revenue 218.26 Accrued interest revenue Collected the maturity value of the Putt Masters note. Make sure to determine the missing maturity date (Prepare a single compound joumal entry. Use a 365-day year for this interest computation Round to the nearest cent) Debit Accounts and Explanation Date Credit 9.000.00 148.5 64 More info 5 2024 Feb. 1 Apr. 6 (21) Apr. 30 ? 2025 Feb. 1 CRED S - Loaned $11,000 cash to Britt Durant on a one-year, 6% note Sold goods to Put Masters, receiving a 90-day, 0% note for $9.000. Ignore Cost of Goods Sold Made a single entry to accrue interest revenue on both notes Collected the maturity value of the Putt Masters note Collected the maturity value of the Durant note Print Done - X 54°F

The following selected transactions occurred during 2024 and 2025 for Arabian Importers. The company ends its accounting year on April 30. (Click the icon to view the transactions) Journakze all required entries. Make sure to determine the missing maturity date. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) PASALAMNU 11 U DI LAU Date Accounts and Explanation 2024 Feb. 1 Note Receivable-Britt Durant Cash Date 2024 Apr. 8 Accepted note in exchange for cash Apr. 0: Sold goods to Putt Masters, receiving a 90-day, 90% note for $0,000. Ignore Cost of Goods Sold Accounts and Explanation Debit Credit pages Note Receivable-Putt Masters Sales Revenue 2024 Jul 5 to search Cash Note Receivable-Putt Masters Interest Revenue Interest Receivable Collected note receivable plus interest Get more help. Debit 11,000 B P 9.000 Credit 218.20 11,000 9.202.60 9,000 Sold goods for a note Apr. 30: Made a single entry to accrue interest revenue on both notes. (Use months for the one-year note interest computation and a 305-day year for the 90 day note interest computation. Round to the nearest cent) Date Accounts and Explanation Debit Credit 2024 Apr 30 Interest Receivable Interest Revenue 218.26 Accrued interest revenue Collected the maturity value of the Putt Masters note. Make sure to determine the missing maturity date (Prepare a single compound joumal entry. Use a 365-day year for this interest computation Round to the nearest cent) Debit Accounts and Explanation Date Credit 9.000.00 148.5 64 More info 5 2024 Feb. 1 Apr. 6 (21) Apr. 30 ? 2025 Feb. 1 CRED S - Loaned $11,000 cash to Britt Durant on a one-year, 6% note Sold goods to Put Masters, receiving a 90-day, 0% note for $9.000. Ignore Cost of Goods Sold Made a single entry to accrue interest revenue on both notes Collected the maturity value of the Putt Masters note Collected the maturity value of the Durant note Print Done - X 54°F

FINANCIAL ACCOUNTING
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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**Journal Entries for Arabian Imports: 2024-2025** The following transactions occurred during the years 2024 and 2025 for Arabian Imports, whose accounting year ends on April 30. Below are the journal entries made to record these transactions. ### February 1, 2024 **Transaction:** - Loaned $11,000 cash to Britt Durant on a one-year, 6% note. **Journal Entry:** - **Debit**: Note Receivable—Britt Durant $11,000 - **Credit**: Cash $11,000 **Explanation:** Accepted note in exchange for cash. ### April 6, 2024 **Transaction:** - Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. **Journal Entry:** - **Debit**: Note Receivable—Putt Masters $9,000 - **Credit**: Sales Revenue $9,000 **Explanation:** Sold goods for a note. ### April 30, 2024 **Transaction:** - Made a single entry to accrue interest revenue on both notes. **Journal Entry:** - **Debit**: Interest Receivable $218.26 - **Credit**: Interest Revenue $218.26 **Explanation:** Accrued interest revenue. ### July 5, 2024 **Transaction:** - Collected the maturity value of the Putt Masters note. **Journal Entry:** - **Debit**: Cash $9,202.50 - **Credit**: Note Receivable—Putt Masters $9,000 - **Credit**: Interest Revenue $148.50 - **Credit**: Interest Receivable $54 **Explanation:** Collected note receivable plus interest. **Note:** Calculations for interest should be based on relevant timeframes and interest rates specified, rounding to the nearest cent where applicable.
Transcribed Image Text:**Journal Entries for Arabian Imports: 2024-2025** The following transactions occurred during the years 2024 and 2025 for Arabian Imports, whose accounting year ends on April 30. Below are the journal entries made to record these transactions. ### February 1, 2024 **Transaction:** - Loaned $11,000 cash to Britt Durant on a one-year, 6% note. **Journal Entry:** - **Debit**: Note Receivable—Britt Durant $11,000 - **Credit**: Cash $11,000 **Explanation:** Accepted note in exchange for cash. ### April 6, 2024 **Transaction:** - Sold goods to Putt Masters, receiving a 90-day, 9% note for $9,000. Ignore Cost of Goods Sold. **Journal Entry:** - **Debit**: Note Receivable—Putt Masters $9,000 - **Credit**: Sales Revenue $9,000 **Explanation:** Sold goods for a note. ### April 30, 2024 **Transaction:** - Made a single entry to accrue interest revenue on both notes. **Journal Entry:** - **Debit**: Interest Receivable $218.26 - **Credit**: Interest Revenue $218.26 **Explanation:** Accrued interest revenue. ### July 5, 2024 **Transaction:** - Collected the maturity value of the Putt Masters note. **Journal Entry:** - **Debit**: Cash $9,202.50 - **Credit**: Note Receivable—Putt Masters $9,000 - **Credit**: Interest Revenue $148.50 - **Credit**: Interest Receivable $54 **Explanation:** Collected note receivable plus interest. **Note:** Calculations for interest should be based on relevant timeframes and interest rates specified, rounding to the nearest cent where applicable.
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