Exercise 9-10 - Elburn Supply Co.

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Question # 00097636 Posted By: ACCOUNTS_GURU Updated on: 08/28/2015 08:39 AM Due on: 08/28/2015

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Exercise 9-10
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Nov. 1	Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.
Dec. 11	Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.
16	Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.
31	Accrued interest revenue on all notes receivable.

Journalize the transactions for Elburn Supply Co.

Record the collection of the Lopez note at its maturity in 2015.

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score 3 · Accepted Answer · 08/28/2015 08:40 AM

Solution: Exercise 9-10 - Elburn Supply Co.

Tutorial # 00091999 Posted By: ACCOUNTS_GURU Posted on: 08/28/2015 08:40 AM

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