Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022 Nov. 1 Loaned $19,200 cash to Soozie Takham on a 1 - year, 10% note. Dec. 11 Sold goods to Joe TraterInc., receiving a $8,550, 90-day8% note. Dec. 16 Received a $ 5,760, 6-month 9% note in exchange for Boba Fett's outstanding accounts receivable Dec. 31 Accrued interest revenue on all notes receivable.

Metlock Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022 Nov. 1 Loaned $19,200 cash to Soozie Takham on a 1 - year, 10% note. Dec. 11 Sold goods to Joe TraterInc., receiving a $8,550, 90-day8% note. Dec. 16 Received a $ 5,760, 6-month 9% note in exchange for Boba Fett's outstanding accounts receivable Dec. 31 Accrued interest revenue on all notes receivable.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
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