Exercise 9-10 elburn supply co. has the following transactions

Exercise 9-10

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Nov. 1
 
Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note.

Dec. 11
 
Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note.

16
 
Received a $4,000, 180 day, 9% note in exchange for Joe Fernetti’s outstanding accounts receivable.

31
 
Accrued interest revenue on all notes receivable.

 

 

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