I NEED HELPING MAKING THE TABLE 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. Journalize the transactions for Novak Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automaticallyindented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCredit

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

Answered: Novak Supply Co. has the following…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 12E: Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Selbys Bike Co....

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I NEED HELPING MAKING THE TABLE 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.

Journalize the transactions for Novak Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically
indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.
Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit

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