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3 years ago

Martin Distributors has the following transactions related to notes receivable during the last two months of the year.

Business

1 answer:

MaRussiya [10]3 years ago

8 0

Answer:

Dec. 1

Note Receivable : E. Kinder $16,000 (debit)

Cash $16,000 (credit)

Dec. 16

Note Receivable : J. Jones $4,800 (debit)

Sales $4,800 (credit)

Dec. 31

Note Receivable : E. Kinder $80 (debit)

Note Receivable : J. Jones $168 (debit)

Interest Income $248 (credit)

Explanation:

Interest accruing on E. Kinder`s Note Receivable = $16,000 × 6 % × 1/12 = $80.

Interest accruing on J. Jones`s Note Receivable = $4,800 × 7 % × 30/60= $168.

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