Blue Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. Nov. 1 Loaned $24,000 cash to Soozie Takham on a 1-year, 10% note. Dec. 11 Sold goods to Joe Trater, Inc., receiving a $10,800, 90-day, 8% note. Dec. 16 Dec. 31 Received a $7,200, 6-month, 9% note in exchange for Boba Fett's outstanding accounts receivable. Accrued interest revenue on all notes receivable. (a) Journalize the above transactions for Blue Supply Co. Omit cost of goods sold entries. (Round interest revenue to O decimal place, e.g. 591. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Use 360 days for calculation.) Date Account Titles and Explanation 2022 Debit Credit
Blue Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. Nov. 1 Loaned $24,000 cash to Soozie Takham on a 1-year, 10% note. Dec. 11 Sold goods to Joe Trater, Inc., receiving a $10,800, 90-day, 8% note. Dec. 16 Dec. 31 Received a $7,200, 6-month, 9% note in exchange for Boba Fett's outstanding accounts receivable. Accrued interest revenue on all notes receivable. (a) Journalize the above transactions for Blue Supply Co. Omit cost of goods sold entries. (Round interest revenue to O decimal place, e.g. 591. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Use 360 days for calculation.) Date Account Titles and Explanation 2022 Debit Credit
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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