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Journalize the entries to record the transactions

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Reference no: EM132722431

Question - Entries for Notes Receivable, Including Year-End Entries

The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:

20Y7

Dec. 7 Received from Unitarian Clothing and Bags Co., on account, a $84,000, 60-day, 6% note dated December 7.

Dec. 31 Recorded an adjusting entry for accrued interest on the note of December 7.

Dec. 31 Recorded the closing entry for interest revenue.

20Y8

Feb. 5 Received payment of note and interest from Unitarian Clothing & Bags Co.

Required - Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume February has 28 days in 2018. If required, round the interest to the nearest cent.

Reference no: EM132722431

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