Exercise 9-10 (Part Level Submission)
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.
Nov. 1Loaned $16,500 cash to Manny Lopez on a 12-month, 8% note.Dec. 11Sold goods to Ralph Kremer, Inc., receiving a $36,000, 90-day, 6% note.16Received a $25,440, 180 day, 10% note in exchange for Joe Fernetti’s outstanding accounts receivable.31Accrued interest revenue on all notes receivable.
(a)
Journalize the transactions for Elburn Supply Co.
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