The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Υ7 Dec. Received from Unitarian Clothing & Bags Co., on account, a $36,000, 60-day, 6% note dated December 7. 31 Recorded an adjusting entry for accrued interest on the note of December 7. 31 Recorded the closing entry for interest revenue. 20Υ8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. It no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Υ7 Dec. Received from Unitarian Clothing & Bags Co., on account, a $36,000, 60-day, 6% note dated December 7. 31 Recorded an adjusting entry for accrued interest on the note of December 7. 31 Recorded the closing entry for interest revenue. 20Υ8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. It no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
20Υ7
Dec.
Received from Unitarian Clothing & Bags Co., on account, a $36,000, 60-day, 6% note dated
December 7.
31
Recorded an adjusting entry for accrued interest on the note of December 7.
31
Recorded the closing entry for interest revenue.
20Y8
Feb.
5 Received payment of note and interest from Unitarian Clothing & Bags Co.
Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact
wording of account titles. Assume a 360-day year.
JOURNAL
ACCOUNTING E
DATE
DESCRIPTION
POST, REF.
DEBIT
CREDIT
ASSETS
LIABILIT
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