Shaun Barringer has started on his first job. He plans to start saving for retirement. He will invest 4,133 at the end of each y
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<u>Solution and Explanation:</u>
The following journal entries will be passed in the book sof fasteners Inc., Co., which is a supplier of buttons and zippers for clothing
Date Accounts Titles and Explanation Post Ref Debit Credit
1 Nov-21 Notes receivable $ 72,000
Accounts receivable-McKenna Outer Wear Co. $ 72,000
2 Dec-31 Interest receivable $720
Interest revenue $ 320
3 Jan-20 Cash $ 73080
Interest revenue $360
Interest receivable $720
Notes receivable $72,000
Note: the figures have been calculated and rounded off in the nearest dollar amount.