90.2K

Verified Solution

Link Copied!

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.

Nov. 1		Loaned $21,600 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11		Sold goods to Ralph Kremer, Inc., receiving a $54,000, 90-day, 8% note.
16		Received a $53,280, 180 day, 10% note in exchange for Joe Fernettis outstanding accounts receivable.
31		Accrued interest revenue on all notes receivable.

Exercise 9-10 Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entnes to accrue interest except at December 31. Loaned $21,600 cash to Manny Lopez on a 12 month, 10% note. Sold goods to Ralph Kremer, Tnc., receiving a $54,000, 90-day, 8% note. Nov. 1 Dec. 11 16 Recerved a $53,280, 180 day, 10% note in exchange for Joe Ferretti's outstanding accounts receivable. 31 Accrued interest revernue on all notes receivable. Your answer is partially correct. Try again. Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Rourd answers to 0 decimnal places, e.g 5,2/. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Dehit Credit Notes Receivable Cash 21600 Dec 16 Notes Receivable Accounts Receivable Dec 31 Interest Receivable

Answer & Explanation Solved by verified expert

See Answer