Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2016.
Nov. 1 Loaned $24000 cash to Simone Buil on a 1-year 7% note.
Dec. 11 Sold goods to Dac Jo Inc. receiving a $12000 90-day 3% note.
16 Received an $18000 6-month 8% note in exchange for Jason Tanner's outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Instructions
(a) Journalize the transactions for Jasmine's Supply Co.
(b) Record the collection of the Buil note at its maturity in 2017.

Question

Quizplus · Accepted Answer

The Answer of Jasmine's Supply Co. has the following transactions related to notes receivable during the last 2 months of 2016.
Nov. 1 Loaned $24000 cash to Simone Buil on a 1-year 7% note.
Dec. 11 Sold goods to Dac Jo Inc. receiving a $12000 90-day 3% note.
16 Received an $18000 6-month 8% note in exchange for Jason Tanner's outstanding accounts receivable.
31 Accrued interest revenue on all notes receivable.
Instructions
(a) Journalize the transactions for Jasmine's Supply Co.
(b) Record the collection of the Buil note at its maturity in 2017.