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Problem 1 On 14-8-2016, the company issued a note 100 days of OMR 4,000 @...

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Accounting

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Problem 1 On 14-8-2016, the company issued a note 100 days of OMR 4,000 @ 5% interest. The note was honored on due date. Required: Pass the journal entries for the above transaction. Problem 2 On 12-11-2018, Shoemaker Company converted account receivables of OMR 55,000 into note receivables of 75 days with 3% interest. The note was honored on the due date. The financial year end in the month December. Required: Pass the journal entries for the above transaction

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