Exercise 9-12 a-b (Part Level Submission) Oriole 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 $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.
Exercise 9-12 a-b (Part Level Submission) Oriole 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 $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section14.3: Promissory Notes
Problem 1WT
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