Score: 0of 3 ts HW Score: D%, D of 25 pts E8-24 (book/static) cueshon Help The f

Question

Score: 0of 3 ts HW Score: D%, D of 25 pts E8-24 (book/static) cueshon Help The fallcwing scccted transactions cccured during 210 and 219 for Dait Importer The company ends he accourdng ycar on Sptemr 1(Click the icon to view the traractiones Journaize al required cntrice. Mase reto determine the mizsing maturity date. Round to the nearat dollar. (Rcord debits first then crecits. Scect the oplanation on the las: line of the journal entry tble Jul 1: Lorec $16 000 cash 10 Bud Shrn on one-year, 8% note. Accounts and Explanation Debit Credit Dule 2010 .td 1 Mire Int Jul. Sep. Laaned G 16. uuu casnto Uud Shyne on a one year, >note. Sold gods gnora Cost ct Gods Sals Wedt! single entry to tocrue interest revenue on both rotes collectad tha man.rity ..akIA 11hal an Pm none 1 6 Lew" pro. 'eserving y 90-dery 6% note fot 511 000 30 ? 2019 Print Done

Explanation / Answer

Ans)

July 1, 2018 Notes receivable - Dud shyne 16000

Cash 16000

(Recorded loan to dud shyne)

Sep 6 Notes receivable - Lawn pro 11,000

Sales revenue 11,000

(Sold goods for a note)

Sep 30 Interest receivable 364

Interest revenue (320 + 44) 364

(16000 X 8% X 3 / 12 + 11,000 X 6% X 24 / 360)

(Accrued interest earned on the two notes)

Nov 5 Cash ( 11,000 + 44 + 121) 11,165

Interest receivable 44

Interest revenue ( 11,000 x 6% x 66/360) 121

Notes receivable - Lawn pro 11,000

Collected note and interest from Lawn pro

2019

July 1 Cash (16000 + 320 + 960) 17,280

Interest receivable 320

Interest revenue ( 16000 X 8% X 9/12) 960

notes receivable 16000

( Collected note and interest from shyne)

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