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 $48,000, 60-day, 9% 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 ReceivableNotes Receivable Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31 Interest ReceivableInterest Receivable Interest RevenueInterest RevenueDec. 31 Interest RevenueInterest Revenue Retained EarningsRetained Earnings20Y8, Feb. 5 CashCash Notes ReceivableNotes Receivable
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 $48,000, 60-day, 9% 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 ReceivableNotes Receivable Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31 Interest ReceivableInterest Receivable Interest RevenueInterest RevenueDec. 31 Interest RevenueInterest Revenue Retained EarningsRetained Earnings20Y8, Feb. 5 CashCash Notes ReceivableNotes Receivable
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 $48,000, 60-day, 9% note dated December 7. |
| Dec. 31. | Recorded an |
| Dec. 31. | Recorded the closing entry for interest revenue. |
| 20Y8 | |
| Feb. 5. | Received payment of note and interest from Unitarian Clothing & Bags Co. |
If required, round the interest to the nearest cent.
20Y7, Dec. 7
Notes ReceivableNotes Receivable
Accounts Receivable-Unitarian Clothing and Bags Co.Accounts Receivable-Unitarian Clothing and Bags Co.Dec. 31
Interest ReceivableInterest Receivable
Interest RevenueInterest RevenueDec. 31
Interest RevenueInterest Revenue
Retained EarningsRetained Earnings20Y8, Feb. 5
CashCash
Notes ReceivableNotes Receivable
Interest ReceivableInterest Receivable
Interest RevenueInterest Revenue
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