E8-21 Journalizing note receivable transactions [10–15 min]
The following selected transactions occurred during 2012 for Caspian Importers.
The company ends its accounting year on April 30, 2012:
Feb 1 Loaned $14,000 cash to Brett Dowling on a one-year, 8% note.
Apr 6 Sold goods to Putt Masters, receiving a 90-day, 6% note for $9,000.
30 Made a single entry to accrue interest revenue on both notes.
Requirement
1. Journalize all required entries from February 1 through April 30, 2012. Use a
360-day year for interest computations.
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