Please help! It would be greatly appreciated! Exercise 8-10 Windsor, Inc. has th

Question

Please help! It would be greatly appreciated!

Exercise 8-10 Windsor, Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $56,400 cash to C. Bohr on a 12-month, 6% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 7% note. Dec. 16 Received a $4,800, 180-day, 10% note to settle an open account from A. Murdock. Dec. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Windsor, Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Date General Journal Debit Credit 01-Nov Note receivable 56400 Cash 56400 11-Dec Notes receivable 7200 Sales 7200 16-Dec Notes Receivables 4800 Murdock Accounts 4800 Calculation of interest receivable: 1 56400*2/12*6% 564 2 7200*7%*20/360 28 3 4800*15/360*10% 20 Total 612 31-Dec Interest Receivable 612 Interest Revenue 612

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