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Journalize the transactions for reeves supply

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Reference no: EM132843827

Reeves Supply plc . 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.

  1. Nov. 1 Loaned $15,000 cash to Norma Jeanne on a 12-month, 9% note.
  2. Dec. 11 Sold goods to Bob Sharbo, receiving a $6,750, 90-day, 8% note.
  3. 16 Received a $4,400, 180 day, 12% note in exchange for Richard Russo's outstanding accounts receivable.
  4. 31 Accrued interest revenue on all notes receivable.

Instructions

Problem a) Journalize the transactions for Reeves Supply

Problem b) Record the collection of the Jeanne note at its maturity in 2018

Reference no: EM132843827

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