Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 7% note. Dec. 11 Sold goods to Dac Jo, Inc., receiving a $12,000, 90-day, 3% note. 16 Received an $18,000, 6-month, 8% note in exchange for Jason Tanner's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Instructions (a) Journalize the transactions for Jasmine's Supply Co. (b) Record the collection of the Buil note at its maturity in 2021.
Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. Nov. 1 Loaned $24,000 cash to Simone Buil on a 1-year, 7% note. Dec. 11 Sold goods to Dac Jo, Inc., receiving a $12,000, 90-day, 3% note. 16 Received an $18,000, 6-month, 8% note in exchange for Jason Tanner's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Instructions (a) Journalize the transactions for Jasmine's Supply Co. (b) Record the collection of the Buil note at its maturity in 2021.
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 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....
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