Question

part b Entries for Notes Receivable, Including Year-End Entries The following selected transactions were completed by...

part b

Entries for Notes Receivable, Including Year-End Entries

The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:

20Y7
Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 6% 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 fill in the blank 2 fill in the blank 3
Accounts Receivable-Unitarian Clothing and Bags Co. fill in the blank 5 fill in the blank 6
Dec. 31 Interest Receivable fill in the blank 8 fill in the blank 9
Interest Revenue fill in the blank 11 fill in the blank 12
Dec. 31 Interest Revenue fill in the blank 14 fill in the blank 15
Retained Earnings fill in the blank 17 fill in the blank 18
20Y8, Feb. 5 Cash fill in the blank 20 fill in the blank 21
Notes Receivable fill in the blank 23 fill in the blank 24
Interest Receivable fill in the blank 26 fill in the blank 27
Interest Revenue fill in the blank 29 fill in the blank 30

Homework Answers

Answer #1
  • Required entries

Accounts title

Debit

Credit

20Y7, Dec. 7

Notes Receivable

$60,000

$0

Accounts Receivable-Unitarian Clothing and Bags Co.

$0

$60,000

Dec. 31

Interest Receivable [($60000 x 6% x 24days/360)]

$240

$0

Interest Revenue

$0

$240

Dec. 31

Interest Revenue

$240

$0

Retained Earnings

$0

$240

20Y8, Feb. 5

Cash

$60,600

$0

Notes Receivable

$0

$60,000

Interest Receivable

$0

$240

Interest Revenue ($60000 x 6% x 36 days/360)

$0

$360

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