Exercise 8-10 Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCO

Question

Exercise 8-10

Date

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Date

Account Titles and Explanation

Debit

Credit

Exercise 8-10

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 $13,200 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note. 16 Received a $29,100, 180 day, 8% 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Date

Account Titles and Explanation

Debit

Credit

Nov. 1Dec. 11Dec. 16Dec. 31

Nov. 1Dec. 11Dec. 16Dec. 31

Nov. 1Dec. 11Dec. 16Dec. 31

Nov. 1Dec. 11Dec. 16Dec. 31

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Nov. 1Dec. 11Dec. 16Dec. 31

Explanation / Answer

Working:

Date Account Titles and Explanation Debit Credit Nov. 1 Notes receivable 13200 Cash 13200 (To record cash loaned against note receivable) Dec. 11 Notes receivable 24750 Sales revenue 24750 (To record sales against note receivable) Dec. 16 Notes receivable 29100 Accounts receivable 29100 (To record note received against accounts receivable) Dec. 31 Interest receivable 427 Interest revenue 427 (To record accrual of interest on notes receivable)

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