Stroup Supply Co. has the following transactions related to notes receivable during the last 2 months of 2012.
|
Nov. |
1 |
Loaned $15,000 cash to Jorge Perez on a 1 year, 10% note. |
|
Dec. |
11 |
Sold goods to Armle Hammer, Inc., receiving a $6,750, 90 day, 8% note. |
|
16 |
Received a $4,000, 6 month, 9% note in exchange for Max Weinberg’s outstanding |
|
|
accounts receivable. |
||
|
31 |
Accrued interest revenue on all notes receivable. |
Instructions
(a) Journalize the transactions for Stroup Supply Co.
(b) Record the collection of the Perez note at its maturity in 2013.