FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Skysong Supply Co. has the following transactions related to Notes Receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to K. Perry on a 1-year, 8% note. Dec. 11 16 31 Sold goods to Acme, Inc., receiving a $11,700, 90-day, 8% note. Received a $29,100, 6-month, 8% note to settle an open account from L. Richie. Accrued interest revenue on all notes receivable.
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Transcribed Image Text:Skysong Supply Co. has the following transactions related to Notes Receivable during the last 2 months of the year. Nov. 1 Loaned $90,000 cash to K. Perry on a 1-year, 8% note. Dec. 11 16 31 Sold goods to Acme, Inc., receiving a $11,700, 90-day, 8% note. Received a $29,100, 6-month, 8% note to settle an open account from L. Richie. Accrued interest revenue on all notes receivable.
Journalize the transactions for Skysong Supply Co. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit TH
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Transcribed Image Text:Journalize the transactions for Skysong Supply Co. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit TH
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