Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31.Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note.16 Received a $87,840, 180 day, 10% note to settle an open account from Joe Fernetti.31 Accrued interest revenue on all notes receivable.1. Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.2. Record the collection of the Lopez note at its maturity in 2023. (a)Journalize the transactions for Swifty 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, eg. 5,275.Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCrediteTextbook and MediaList of AccountsSave for Later(b)Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when amount isentered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditNov. 1>

The question is based on the concept of Financial Accounting and Journal entries.

Answered: Swifty 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

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 7E: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...

See similar textbooks

Related questions

Question

Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31.

Nov. 1		Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.
Dec. 11		Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note.
16		Received a $87,840, 180 day, 10% note to settle an open account from Joe Fernetti.
31		Accrued interest revenue on all notes receivable.

1. Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.

2. Record the collection of the Lopez note at its maturity in 2023.

(a)
Journalize the transactions for Swifty 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, eg. 5,275.
Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
Save for Later
(b)
Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Nov. 1
>

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions