Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. How would I journalize the transactions for Bramble Supply Co? (Ignore entries for cost of goods sold.) Nov. 1 Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note. 16 Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.
Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. How would I journalize the transactions for Bramble Supply Co? (Ignore entries for cost of goods sold.) Nov. 1 Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note. 16 Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Bramble Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31.
How would I journalize the transactions for Bramble Supply Co? (Ignore entries for cost of goods sold.)
| Nov. 1 | Loaned $ 13,200 cash to Manny Lopez on a 12-month, 10% note. | |
| Dec. 11 | Sold goods to Ralph Kremer, Inc., receiving a $ 24,750, 90-day, 8% note. | |
| 16 | Received a $ 29,100, 180 day, 8% note in exchange for Joe Fernetti’s outstanding accounts receivable. | |
| 31 | Accrued interest revenue on all notes receivable. |
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Question 4 of 5
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Date
Account Titles and Explanation
Debit
Credit
Nov. 1
Notes Receivable
13,200
Accounts Receivable
13,200
Dec. 11
Dec. 16
Dec. 31
9:05 PM
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11/4/2021
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