Entries for Notes Receivable, Including Year-End EntriesThe following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:20Y7 Dec. 7.Received from Unitarian Clothing and Bags Co., on account, a $66,000, 60-day, 7% note dated December 7.Dec. 31.Recorded an adjusting entry for accrued interest on the note of December 7.Dec. 31.Recorded the closing entry for interest revenue.20Y8 Feb. 5.Received payment of note and interest from Unitarian Clothing & Bags Co.Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018If required, round the interest to the nearest cent.20Y7, Dec. 7Notes Receivable Accounts Receivable-Unitarian Clothing and Bags Co. Dec. 31Interest Receivable Interest Revenue Dec. 31Interest Revenue Retained Earnings 20Y8, Feb. 5Cash Notes Receivable Interest Receivable Interest Revenue

Introduction: Journal: Recording of a business transactions in a chronological order. First step in…

Answered: The following selected transactions…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13P: Notes Receivable Transactions The following notes receivable transactions occurred for Harris...

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Entries for Notes Receivable, Including Year-End Entries

The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:

20Y7
Dec. 7.	Received from Unitarian Clothing and Bags Co., on account, a $66,000, 60-day, 7% note dated December 7.
Dec. 31.	Recorded an adjusting entry for accrued interest on the note of December 7.
Dec. 31.	Recorded the closing entry for interest revenue.
20Y8
Feb. 5.	Received payment of note and interest from Unitarian Clothing & Bags Co.

Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018

If required, round the interest to the nearest cent.

20Y7, Dec. 7	Notes Receivable
	Accounts Receivable-Unitarian Clothing and Bags Co.
Dec. 31	Interest Receivable
	Interest Revenue
Dec. 31	Interest Revenue
	Retained Earnings
20Y8, Feb. 5	Cash
	Notes Receivable
	Interest Receivable
	Interest Revenue

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