Reference no: EM132723126
Problem - Eddie Edwards and Phil Bell own and operate The Second Hand Equipment Shop. The following transactions involving notes and interest were completed during the last three months of 20--:
Oct. 1 Issued a $6,800, 60-day, 5% note to Mac Farm Equipment for purchase of merchandise.
Oct. 15 Received a $2,000, 60-day, 6% note from R. Chambers in payment for sale of merchandise.
Nov. 1 Discounted the note received from R. Chambers on October 15 at Merchants National Bank. The discount rate is 7%.
Nov. 1 Borrowed $5,000 from First National Bank on a three-month, non-interest-bearing note that was discounted at 6%.
Nov. 20 Received a $4,000, 90-day, 6.5% note from L. Revsine in payment of an account receivable.
Nov. 30 Issued a check to Mac Farm Equipment in payment of the note issued on October 1, including interest.
Dec. 10 Issued a $3,000, 90-day, 6% note to Remak Tractors to extend time for payment of an account payable.
Dec. 16 Received notification from Merchants National Bank that R. Chambers has dishonored his note. A check is issued to cover the note plus a $20 bank fee that must be paid to the bank.
REQUIRED - Prepare necessary adjusting entries for the notes outstanding on December 31.
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