Reference no: EM132513914
Question - Joe's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014.
Nov. 1 Loaned $20,000 cash to Sara Rondelli on a 1-year, 12% note.
Dec. 11 Sold goods to Phair, Inc., receiving a $11,700, 90-day, 8% note.
Dec. 16 Received an $12,000, 6-month, 9% note in exchange for Grace Tanner's outstanding accounts receivable.
Dec. 31 Accrued interest revenue on all notes receivable.
Instructions -
(a) Journalize the transactions for Joe's Supply Co.
(b) Record the collection of the Rondelli note at its maturity in 2015.
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