The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Entries for Notes Receivable, Including Year-End Entries
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
| 20Y3 | ||
| Nov. 21. | Received from McKenna Outer Wear Co., on account, a $42,000, 60-day, 10% note dated November 21 in settlement of a past due account. | |
| Dec. 31. | Recorded an |
|
| 20Y4 | ||
| Jan. 20. | Received payment of note and interest from McKenna Outer Wear Co. |
| 20Y3, Nov. 21 | fill in the blank 2 | ||
| fill in the blank 4 | |||
| Dec. 31 | fill in the blank 6 | ||
| fill in the blank 8 | |||
| 20Y4, Jan. 20 | fill in the blank 10 | fill in the blank 11 | |
| fill in the blank 13 | fill in the blank 14 | ||
| fill in the blank 16 | fill in the blank 17 | ||
| fill in the blank 19 | fill in the blank 20 |
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