EBK HORNGREN'S ACCOUNTING
11th Edition
ISBN: 9780133867411
Author: Matsumura
Publisher: YUZU
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Textbook Question
Chapter 9, Problem E9.23E
Journalizing note receivable transactions
The following selected transactions occurred during 2016 and 2017 for Mediterranean Importers. The company ends its accounting year on April 30.
2016
Feb. 1 Loaned $20,000 cash to Candace Smith on a one-year, 6% note.
Apr. 6 Sold goods to Green Masters, receiving a 90-day, 9% note for $10,000. Ignore Cost of Goods Sold.
Apr. 30 Made a single entry to accrue interest revenue on both notes.
? Collected the maturity value of the Green Masters note
2017
Feb. 1 Collected the maturity value of the Smith note.
Journalize all required entries. Make sure to determine the missing maturity date.
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Chapter 9 Solutions
EBK HORNGREN'S ACCOUNTING
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