Question

J03. (100ulu deuis Ill 31, Uel euits. 3e t he explahation on the last line of the journal entry table.) Cost of Goods Sold. Debi More Info 2018 Apr. 3 Recorded credit sales of $98,000. Ignore Cost of Goods Sold. Oct. Loaned $12,000 to Jess Powell, an executive with the company, on a one-year, 8 % note. Dec. 31 Accrued interest revenue on the Powell note. 2019 Oct. 1 Collected the maturity value of the Powell note. Print Done ne input fields and then click Check Answer. Clear All

Answer 1

Date	Accounts and Explanation	Debit	Credit
2018 April 3	Cash	$98,000
	Sales		$98,000
2018 Oct. 1	Notes receivable	$12,000
	Cash		$12,000
2018 Dec. 31	Accrued interest ($12,000*8%*3/12)	$240
	Interest receivable		$240
2019 Oct. 1	Cash	$12,000
	Notes receivable		$12,000