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  • Elburn Supply Co Has The Following Transactions Related To Notes

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    Elburn Supply Co had the following note receivable transactions in late 2019: (1) Loaned $30,000 to Manny Lopez with a 12 month, 10% note on Nov. 1, (2) Received a $6,750, 90-day, 8% note from Ralph Kremer, Inc. on Dec. 11 for goods sold, (3) Received a $4,000, 180 day, 9% note from Joe Fernetti in exchange for outstanding accounts receivable on Dec. 16. Elburn accrued interest revenue on all notes receivable on Dec. 31.

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    Elburn Supply Co had the following note receivable transactions in late 2019: (1) Loaned $30,000 to Manny Lopez with a 12 month, 10% note on Nov. 1, (2) Received a $6,750, 90-day, 8% note from Ralph Kremer, Inc. on Dec. 11 for goods sold, (3) Received a $4,000, 180 day, 9% note from Joe Fernetti in exchange for outstanding accounts receivable on Dec. 16. Elburn accrued interest revenue on all notes receivable on Dec. 31.

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    14 views1 page

    Elburn Supply Co Has The Following Transactions Related To Notes

    Uploaded by

    trilocksp Singh
    Elburn Supply Co had the following note receivable transactions in late 2019: (1) Loaned $30,000 to Manny Lopez with a 12 month, 10% note on Nov. 1, (2) Received a $6,750, 90-day, 8% note from Ralph Kremer, Inc. on Dec. 11 for goods sold, (3) Received a $4,000, 180 day, 9% note from Joe Fernetti in exchange for outstanding accounts receivable on Dec. 16. Elburn accrued interest revenue on all notes receivable on Dec. 31.

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    Elburn Supply Co has the following transactions related to

    notes
    Elburn Supply Co has the following transactions related to notes

    Elburn Supply Co. has the following transactions related to notes receivable during the last 2
    months of 2019. The company does not make entries to accrue interest except at December 31.
    Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.
    Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $6,750, 90-day, 8% note. 16 Received a
    $4,000, 180 day, 9% note in exchange for Joe Fernetti's outstanding accounts receivable.
    31 Accrued interest revenue on all notes receivable.
    Instructions
    (a) Journalize the transactions for Elburn Supply Co.
    (b) Record the collection of the Lopez note at its maturity in 2020.

    Elburn Supply Co has the following transactions related to notes


    SOLUTION-- http://solutiondone.online/downloads/elburn-supply-co-has-the-following-
    transactions-related-to-notes/

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