Pharoah Co. 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. Nov. 1 Loaned $55,200 cash to C. Bohr on a 12-month, 6% note. Dec. 11 16 31 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 6% note. Received a $16,800, 180-day, 11% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Pharoah Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.)

Pharoah Co. 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. Nov. 1 Loaned $55,200 cash to C. Bohr on a 12-month, 6% note. Dec. 11 16 31 Sold goods to K. R. Pine, Inc., receiving a $3,600, 90-day, 6% note. Received a $16,800, 180-day, 11% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Pharoah Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.)

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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