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Entries for notes receivable - journalize the transactions

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Reference no: EM13535188

Entries for notes receivable, including year-end entries

The following selected transactions were completed by Zip-Up Co., a supplier of zippers for clothing:

2011

Dec. 10.

Received from Point Loma Clothing & Bags Co., on account, a $36,000, 90-day, 4% note dated December 10.

31

Recorded an adjusting entry for accrued interest on the note of December 10.

31

Recorded the closing entry for interest revenue.

2012

Mar. 9.

Received payment of note and interest from Point Loma Clothing & Bags Co.

Journalize the transactions.

Reference no: EM13535188

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