Reference no: EM132031467
Question - Prepare Flipper's Supply Co. general journal entries for the following transactions:
Jan. 1 Accepted Flop's 120 days, 10% note, as settlement of an outstanding $15,000 account receivable for goods sold last year
Jan. 15 Purchased $10,000 Equipment from Floppy, signing a 9 month, 12% note
Jan. 25 Loaned Flam Co. $30,000 cash, accepting a 90 days, 10% note
Jan. 31 Prepared accrual adjusting entry for any interest revenue
Apr. 25 Received payment in full from Flam Co. for outstanding note & interest
May 1 Received payment in full from Flop Co. for outstanding note & interest
Oct. 15 Paid Floppy in full
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