Entries for notes receivable, including year-end entriesThe following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:2017December 7. Received from Unitarian Clothing & Bags Co., on account, a $75,000, 60-day, 3 % note dated December 7.December 31. Recorded an adjusting entry for accrued interest on the note of December 7.December 31. Recorded the closing entry for interest revenue.2018February 5. Received payment of note and interest from Unitarian Clothing & Bags Co.Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.2017, Dec. 7Dec. 31Dec. 312018, Feb. 5

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Description: Entries for notes receivable, including year-end entriesThe following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:2017December 7. Received from Unitarian Clothing & Bags Co., on account, a $75

When sales are made against the notes receivable, a journal entry is required to record notes…

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2018 February 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. 2017, Dec. 7 Dec. 31 Dec. 31 2018, Feb. 5. 0000 000000

2018 February 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume 360 days in a year. 2017, Dec. 7 Dec. 31 Dec. 31 2018, Feb. 5. 0000 000000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 4PB

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Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3Nov. 21. Received from McKenna Outer Wear Co., on account, a $78,000, 60-day, 6% note dated November 21 in settlement of a past due account.Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21.20Y4Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Dec. 31 20Y4, Jan. 20
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…
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…
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 $72,000, 60-day, 10% 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.
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Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 9% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 20Υ4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. 20Y3, Nov. 21 Dec. 31 20Y4, Jan. 20