Following are transactions of The Barnett Company round

the answer #4421

Following are transactions of The Barnett Company (round the answer to two decimal
places):Oct. 31 Accepted a $22,000, 60-day, 5% note dated this day in granting Carmel
Karuthers a time extension on her past-due account.31 Made an adjusting entry to record the
accrued interest on the Karuthers note. 31 Closed the Interest Revenue account.2015Feb. 14
Received Karuthers' payment for the principal and interest on the note dated December 16.Mar.
2 Accepted an $8,000, 4%, 90-day note dated this day in granting a time extension on the past-
due account of ATW Company.17 Accepted a $3,200, 30-day, 4.5% note dated this day in
granting Leroy Johnson a time extension on his past-due account.May 31 Received ATW's
payment for the principal and interest on the note datedMarch 2.RequiredPrepare journal
entries to record The Barnett Company's transactions. View Solution:
Following are transactions of The Barnett Company round the answer

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