Journalizing note receivable transactions
The following selected transactions occurred during 2012 for Caspian Importers. The company ends its accounting year on April 30, 2012:
|
Feb 1 |
Loaned $14,000 cash to Brett Dowling on a one year, 8% note. |
|
Apr 6 |
Sold goods to Putt Masters, receiving a 90 day, 6% note for $9,000. |
|
30 |
Made a single entry to accrue interest revenue on both notes. |
Requirement
1. Journalize all required entries from February 1 through April 30, 2012. Use a 360 day year for interest computations.