PROBLEM 2 Harris Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to B. Woods on a 1-year, 7% note. Dec. 11 Sold goods to R.P. Mayri, Inc. receiving a $4,500, 90-day, 4% note. 16 Received a $12,000, 6-month, 9% note to settle an open account from M. Kline. 31 Accrued interest revenue on all notes receivable. Instructions: Journalize the transactions for Harris Supply Co. (Omit cost of goods sold entries.)
PROBLEM 2 Harris Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to B. Woods on a 1-year, 7% note. Dec. 11 Sold goods to R.P. Mayri, Inc. receiving a $4,500, 90-day, 4% note. 16 Received a $12,000, 6-month, 9% note to settle an open account from M. Kline. 31 Accrued interest revenue on all notes receivable. Instructions: Journalize the transactions for Harris Supply Co. (Omit cost of goods sold entries.)
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.1BE: Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a...
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