Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The comp December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.

Oriole Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The comp December 31. Nov. 1 Loaned $23,500 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. 16 Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 92PSB

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