Journalize the transactions for nike

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Reference no: EM133152503

Question - Nike has the following transactions related to notes receivable during the last two months of 2008:

1-Nov Loaned $18,000 cash to Under Armour on a one-year, 10% note.

11-Dec Sold goods to Dwayne Johnson receiving a $6,750, ninety-day, 8% note.

16-Dec Received a $4,000, 6-month, 9% note in exchange for Bob Shabo's outstanding accounts receivable.

31-Dec Accrued interest revenue on all notes receivable (= record all interest expense and interest payables that have occurred to this day)

Required -

(a) Journalize the transactions for Nike.

(b) Record the collection of the Under Armour note at its maturity in 2009.

Reference no: EM133152503

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