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Journalize the transactions for swifty supply co

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Reference no: EM132956268

Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except on December 31.

Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.

Dec.

11 Sold goods to Ralph Kremer, Inc., receiving an $85,500, 90-day, 8% note.

16 Received an $87,840, 180 day, 10% note to settle an open account from Joe Fernetti.

31 Accrued interest revenue on all notes receivable.

Problem 1: Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

 

 

Reference no: EM132956268

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