Question

numbers are wrong

?: Collected the maturity value of the Lawn Pro note. Make sure to determine the missing maturity date. (Prepare a single compound journal entry. Use a 360-day year for this interest computation.) Date Accounts and Explanation Debit Credit 2017 Cash 13,000 47.34 Sep. 30 Interest Receivable Interest Revenue Note Receivable Lawn Pro 2016 Jul. 1 Loaned $13,000 cash to Brandy Tell on a one-year, 8% note. Sep. 6 Sold goods to Lawn Pro, receiving a 90-day, 12% note for $6,000. Ignore Cost of Goods Sold. Sep. 30 Made a single entry to accrue interest revenue on both notes. ? Collected the maturity value of the Lawn Pro note. 2017 Jul. 1 Collected the maturity value of the Tell note. 308 6,000 Collected note receivable plus interest.

Answer 1

Answer
Date	Account Title	Debit($)	Credit($)
2018
01-Jul	Notes receivable	$     13,000
	Cash		$ 13,000
06-Sep	Notes receivable	$       6,000
	Sales revenue		$   6,000
	Notes 1 interest 13000*8%*3/12	$          260
	Note 2 interest 6000*6%*24/360	$            24
30-Sep	Interest receivable	$          284	(260+24)
	Interest revenue		$      284
05-Dec	Cash	$       6,090
	Notes receivable		$   6,000
	Interest receivable		$        24
	Interest revenue		$        66	6000*6%*66/360
2019
01-Jul	Cash	$     14,040
	Notes receivable		$ 13,000
	Interest receivable		$      260
	Interest revenue		$      780	13000*8%*9/12