Bramble 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.How would I enter these into a journal? Nov. 1 Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note.Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note.16 Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable.31 Accrued interest revenue on all notes receivable.

Calculation of Interest Revenue on December 31: Notes Receivable - Manny Lopez ($13,200 * 10% *…

Answered: Bramble Supply Co. has the following…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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Bramble 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.

How would I enter these into a journal?

Nov. 1		Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11		Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note.
16		Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31		Accrued interest revenue on all notes receivable.

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