Reference no: EM133165777
Question - The following are notes receivable transactions for Rather Co.:
May 1 Received a $15,000, six-month, 6% note from Jioux Company in settlement of an account receivable. Interest is due at maturity.
June 30 Accrued interest on the Jioux note, at Rather's year end. Adjustments are recorded annually.
July 31 Lent $2,000 cash to an employee, Noreen Irvine, receiving a three-month, 5% note. Interest is due at the end of each month.
Aug. 31 Received the interest due from Ms. Irvine.
Sept. 30 Received the interest due from Ms. Irvine.
Oct. 31 Received payment in full for the employee note from Ms. Irvine.
Nov. 1 Jioux Company defaults on its note. Rather does not expect to collect on the note.
Required - Record the transactions for Rather Co. (Round calculations to the nearest dollar.)
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