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The following selected transactions for notes receivable are for Speedway Limited. May ...

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Accounting

The following selected transactions for notes receivable are for Speedway Limited.
May
Received a six-month, 5%,$10,560 note on account from Blackstone Limited. Interest is due at
1 maturity.
June 30 Accrued interest on the Blackstone note on this date, which is Speedway's year end.
July Lent $8,400 cash to an employee, Noreen Wong, issuing a three-month, 7% note. Interest is due at the
1 beginning of each month, starting August 1.
Aug. 1 Received the interest due from Ms. Wong.
Sept. 1 Received the interest due from Ms. Wong.
Oct. 1 Received payment in full for the employee note from Ms. Wong.
Nov. 1 Wrote off the Blackstone note because Blackstone defaulted. Future payment is not expected.
Record the above transactions for Speedway Limited. (List all debit entries before credit entries. Credit
account titles are automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries
in the order displayed in the problem statement.)
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