The following selected transactions for notes receivable are for Speedway Limited.
May
Received a sixmonth, $ note on account from Blackstone Limited. Interest is due at
maturity.
June Accrued interest on the Blackstone note on this date, which is Speedway's year end.
July Lent $ cash to an employee, Noreen Wong, issuing a threemonth, note. Interest is due at the
beginning of each month, starting August
Aug. Received the interest due from Ms Wong.
Sept. Received the interest due from Ms Wong.
Oct. Received payment in full for the employee note from Ms Wong.
Nov. 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 for the amounts. Record entries
in the order displayed in the problem statement.
