Question

zippers for clothing: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a...

zippers for clothing:

20Y7
Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $78,000, 60-day, 8% note dated December 7.
Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 7.
Dec. 31. Recorded the closing entry for interest revenue.
20Y8
Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co.

Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018

If required, round the interest to the nearest cent.

20Y7, Dec. 7 Notes Receivable
Accounts Receivable-Unitarian Clothing and Bags Co.
Dec. 31 Interest Receivable
Interest Revenue
Dec. 31 Interest Revenue
Common Stock
20Y8, Feb. 5 Cash
Notes Receivable
Interest Receivable
Interest Revenue

Homework Answers

Answer #1

Answer:

Date Account title and explanation Debit Credit
20Y7, Dec. 7 Notes Receivable $78,000
Accounts Receivable-Unitarian Clothing and Bags Co. $78,000
[To record receipt of notes from customer]
Dec. 31 Interest Receivable $416
Interest Revenue [78,000 x 8% x (24/360)] $416
[To record accrued interest revenue]
Dec. 31 Interest Revenue $416
Retained earnings $416
[To close interest revenue]
20Y8, Feb. 5 Cash $79,040
Notes Receivable $78,000
Interest Receivable $416
Interest Revenue [78,000 x 8% x (36/360)] $624
[To record cash received for notes at maturity]
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