Elburn Supply Co. has the following transactions related to notes receivable dur

Question

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.

Nov. 1 Loaned $14,000 cash to Manny Lopez on a 12-month, 12% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $28,800, 90-day, 10% note. 16 Received a $28,600, 180 day, 12% note in exchange for Joe Fernetti’s outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Your answer is partially correct. Try again. Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to o decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 1 # Notes Receivable 14000 Cash 14000 Dec. 11 # Notes Receivable 28800 Sales Revenue 28800 Dec. 16 Notes Receivable 28600 Accounts Receivable 28600 Dec. 31 # Interest Receivable 662 Interest Revenue 662 LINK TO TEXT Attempts: 2 of 5 usedSAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

the following will be the journal entry for interst receivable:

note:

dec 31 interest receivable a/c $583 ...............interest revenue a/c $583

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