Question

Exercise 9-12 a-b Kingbird Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $25,200 cash to Manny Lopez on a 12-month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $65,250, 90-day, 8% note. 16 Received a $65,280, 180 day, 10% 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 Kingbird Supply Co. (Ignore entries for cost of goods sold.) (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

Your answer is correct. Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Nov. 1 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT

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Answer 1

Journalize the transactions for Kingbird Supply Co. (Ignore entries for cost of goods sold.) (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. 1 Notes receivable-Manny Lopez 25200 Cash 25200 Dec. 11 Notes receivable-Ralph Kremer inc 65250 Sales revenue 65250 Dec. 16 Notes receivable-Joe Fernetti 65280 Account receivable 65280 Dec. 31 Interest receivable 982 Interest revenue 982

Record the collection of the Lopez note at its maturity in 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Nov. 1 Cash 27720 Notes receivable-Manny Lopez 25200 Interest receivable 420 Interest revenue 2100