takeAssignment Care AssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=falseeBookEntries for Notes Receivable, Including Year-End EntriesThe following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:<2017- Dec. 7.Dec. 31.Dec. 31.320Y8#Feb. 5.Dec. 31EDJournalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank.Assume February has 28 days in 2018If required, round the interest to the nearest cent.2017, Dec. 7 Notes ReceivableDec. 31OxReceived from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 9% note dated December 7.Recorded an adjusting entry for accrued interest on the note of December 7.Recorded the closing entry for interest revenue.4$Show Me HowReceived payment of note and interest from Unitarian Clothing & Bags Co.F4RLLAccounts Receivable-Unitarian Clothing and Bags Co.Interest ReceivableInterest RevenueInterest RevenueRetained Earnings5e OTOGF6A6C✓32YHF7&7210UF84*811F95✓(9K00 00 0284,000 ✓504504prt scF10O)01L84,0003504homeF11GO4PendB*F12{ASRA 4044+ 11insert10deletebacksp ON2WS2017, Dec. 7 Notes ReceivableDec. 31Dec. 31deX2018, Feb. 53OEFeedbackAccounts Receivable-Unitarian Clothing and Bags Co.Interest Receivable -VInterest Revenue-VDShow Me HowInterest RevenueCheck My WorkThe due date is the date the note is to be paidRetained Earnings$4CNotes ReceivableInterest RevenueRFRemember the interest rate is stated on an annual basis, while the term is expressed as days. Assume a 360-day year Thematurity value is the amount that must be paid at the due date of the noteAt the due date, the company records the receipt of payment on the noteFSN5VTG9A6BWY&7HBUN8J1✓M9$4,000 ✓K00100 000000110)84,000 ✓OL504 ✓85260 X04.000 ✓504 ✓756P:+UpageDGrospe

Lets understand the basics. When any service provided against the notes payable then jounral entry…

Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 2017 - Dec. 7. Dec. 31. Dec. 31. 2018 Feb. 5. Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 9% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Received payment of note and interest from Unitarian Clothing & Bags Co.

Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 2017 - Dec. 7. Dec. 31. Dec. 31. 2018 Feb. 5. Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 9% note dated December 7. Recorded an adjusting entry for accrued interest on the note of December 7. Recorded the closing entry for interest revenue. Received payment of note and interest from Unitarian Clothing & Bags Co.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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