Prepare Acme Supply Company’s general journal entries for the following transactions: Jan. 1 Accepted RunTimeCo’s 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year.
Question
Prepare Acme Supply Company’s general journal entries for the following
transactions:
| Jan. 1 | Accepted RunTimeCo’s 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year. |
| Jan. 15 | Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note. |
| Jan. 15 | Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note. |
| Jan. 31 | Prepared accrual adjusting entry for any interest revenue. |
| Apr. 15 | Received payment in full from Warner Co. for outstanding note and interest. |
| May 1 | Received payment in full from RunTimeCo for outstanding note and interest. |
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