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Gwynne Supply Co. has the following transactions related to notes receivable during the last 2 months of the year. 1. Nov. 1 Loaned $51,000 cash to B. Akey on a 1-year, 7% note. 2. Dec. 11 Sold goods to R. P. Mayrl, Inc., receiving a $3,300, 90-day, 9% note. 3. Dec. 16 Received a $10,300, 6-month, 9% note to settle an open account from M. Colvin. 4. Dec. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Gwynne Supply Co.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9947583

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