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Penick clothing and bags co journalize the transactions

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Reference no: EM131125525

1. The following selected transactions were completed by Alcor Co., a supplier of VelcroTM for clothing: 2009

Dec. 13. Received from Penick Clothing & Bags Co., on account, an $84,000, 90-day, 9% note dated December 13.

31. Recorded an adjusting entry for accrued interest on the note of December 13.

31. Recorded the closing entry for interest revenue. 2010

Mar. 12. Received payment of note and interest from Penick Clothing & Bags Co. Journalize the transactions.

Reference no: EM131125525

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