CAN SOMEONE HELP ME FIGURE OUT NOV. CHART ? Novak 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 $27,000 cash to Manny Lopez on a 12-month, 10% note.Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $74,250, 90-day, 8% note.16 Received a $95,400, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable.31 Accrued interest revenue on all notes receivable. Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented whenamount is entered. Do not indent manually. Use 360 days for calculation.)DateAccount Titles and ExplanationDebitCreditNov.1

The maturity period for different notes is computed by adding the period to the issue dates for…

Answered: Novak 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 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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CAN SOMEONE HELP ME FIGURE OUT NOV. CHART ?

Novak 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 $27,000 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11		Sold goods to Ralph Kremer, Inc., receiving a $74,250, 90-day, 8% note.
16		Received a $95,400, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31		Accrued interest revenue on all notes receivable.

Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when
amount is entered. Do not indent manually. Use 360 days for calculation.)
Date
Account Titles and Explanation
Debit
Credit
Nov.
1

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