Do not give image format 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. 111631Sold 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 whenthe amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the accounttitles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditTH

Journal Entry :— It is an act of recording transaction in books of account when transaction…

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.

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.

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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