Gwynne Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.
|
Nov. |
1 |
Loaned $60,000 cash to B. Akey on a 1-year, 7% note. |
|
Dec. |
11 |
Sold goods to R. P. Mayrl, Inc., receiving a $3,600, 90-day, 8% note. |
|
16 |
Received a $12,000, 6-month, 9% note to settle an open account from M. Colvin. |
|
|
31 |
Accrued interest revenue on all notes receivable. |
Instructions
Journalize the transactions for Gwynne Supply Co. (Omit cost of goods sold entries.)