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Journalize the transactions for elburn supply co

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Reference no: EM131715220

Exercise - Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.

Nov. 1 - Loaned $12,600 cash to Manny Lopez on a 12-month, 10% note.

Dec. 11 - Sold goods to Ralph Kremer, Inc., receiving a $24,750, 90-day, 8% note.

Dec. 16 - Received a $22,800, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable.

Dec. 31 - Accrued interest revenue on all notes receivable.

Required -

Journalize the transactions for Elburn Supply Co.

Record the collection of the Lopez note at its maturity in 2018.

Reference no: EM131715220

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