Review the following note receivable transactions in the journal of Arabian Services (Click the icon to view the transactions.) Arabian Services has an October 31 fiscal year-end Read the requirements Requirement 1. Record the preceding note receivable transactions in the journal of Arabian Services. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 1 Loaned $17,000 cash to Bud Dowling on a one-year, 9% note Journal Entry Date Accounts Debit Credit More Info Aug Aug 1 Oct 6 16 31 Loaned $17,000 cash to Bud Dowling on a one-year, 9% note Performed service for Turf Pro, receiving a 90-day, 6% note for $16,000 Received a $4,000, six-month, 5% note on account from Voleron Company Accrued interest revenue for the year Print Done Requirements 1. Record the note receivable transactions in the journal of Arabian Services Use a 365-day year for interest computations, and round interest amounts to the nearest dollar How much interest revenue did Arabian earn this year? 2. Print Done Choose from any list or enter any number in the input fields and then click Check Answer

Question

Answer all questions. Ch.5-4

Review the following note receivable transactions in the journal of Arabian Services
(Click the icon to view the transactions.)
Arabian Services has an October 31 fiscal year-end
Read the requirements
Requirement 1. Record the preceding note receivable transactions in the journal of Arabian Services. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. (Record debits first, then credits. Exclude explanations from any journal entries.)
Aug 1
Loaned $17,000 cash to Bud Dowling on a one-year, 9% note
Journal Entry
Date
Accounts
Debit
Credit
More Info
Aug
Aug 1
Oct 6
16
31
Loaned $17,000 cash to Bud Dowling on a one-year, 9% note
Performed service for Turf Pro, receiving a 90-day, 6% note for
$16,000
Received a $4,000, six-month, 5% note on account from Voleron
Company
Accrued interest revenue for the year
Print Done
Requirements
1.
Record the note receivable transactions in the journal of Arabian Services
Use a 365-day year for interest computations, and round interest amounts to
the nearest dollar
How much interest revenue did Arabian earn this year?
2.
Print
Done
Choose from any list or enter any number in the input fields and then click Check Answer
Expand
Transcribed Image Text

Review the following note receivable transactions in the journal of Arabian Services (Click the icon to view the transactions.) Arabian Services has an October 31 fiscal year-end Read the requirements Requirement 1. Record the preceding note receivable transactions in the journal of Arabian Services. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 1 Loaned $17,000 cash to Bud Dowling on a one-year, 9% note Journal Entry Date Accounts Debit Credit More Info Aug Aug 1 Oct 6 16 31 Loaned $17,000 cash to Bud Dowling on a one-year, 9% note Performed service for Turf Pro, receiving a 90-day, 6% note for $16,000 Received a $4,000, six-month, 5% note on account from Voleron Company Accrued interest revenue for the year Print Done Requirements 1. Record the note receivable transactions in the journal of Arabian Services Use a 365-day year for interest computations, and round interest amounts to the nearest dollar How much interest revenue did Arabian earn this year? 2. Print Done Choose from any list or enter any number in the input fields and then click Check Answer

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