Question sunland company has the following transactions, Ask an Expert

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Question: Sunland Company has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.)

Nov. 1 Loaned $59, 400 cash to C. Bohr on a 12-month, 7% note.

Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $1, 800, 90-day, 9% note.

Dec. 16 Received a $16, 800, 180-day, 11% note to settle an open account from A. Murdock.

Dec. 31 Accrued interest revenue on all notes receivable.

Journalize the transactions for Sunland Company (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

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Accounting Basics, Accounting

Category:- Accounting Basics
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