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Prepare journal entries from the transactions

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Reference no: EM132581932

Question 1: Prepare Journal Entries from the following transactions

Harris Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.

Nov. 1 2016 Loaned $90,000 cash to B. Woods on a 1-year, 7% note.

Dec. 11 2016 Sold goods to R. P. Mayrl, Inc., receiving a $4,500, 90-day, 4% note.

Dec 16 2016 Received a $12,000, 6-month, 9% note to settle an open account from M. Kline

Dec 31 2016 Accrued interest revenue on all notes receivable

Nov 1 2017 Received principal plus interest on the B. Woods note. (No interest has been accrued since December 31, 2016.)

Reference no: EM132581932

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