Whispering Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $22,800 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $56,250, 90-day, 8% note. Received a $47,400, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued interest revenue on all notes receivable.

Whispering Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $22,800 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $56,250, 90-day, 8% note. Received a $47,400, 180 day, 12% note in exchange for Joe Fernetti's outstanding accounts receivable. 16 31 Accrued interest revenue on all notes receivable.

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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