Celtic Services has an October 31 fiscal year-end. Review the following note receivable transactions in...
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Celtic Services has an October 31 fiscal year-end. Review the following note receivable transactions in the journal of Celtic Services: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the preceding note receivable transactions in the journal of Celtic Services. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. (Record debits first, then credits. Exclude explanations from any journal entries.) Aug 1 Loaned $11,000 cash to Brody Dowling on a one-year, 6% note. Journal Entry Date Accounts Debit Credit Aug 1 More Info X Requirements Aug 1 Loaned $11,000 cash to Brody Dowling on a one-year, 6% note. Oct 6 Performed service for Green Pro, receiving a 90-day, 10% note for $6,000 16 Received a $4,000, six-month, 12% note on account from Vaseron Company 31 Accrued interest revenue for the year. 1. Record the note receivable transactions in the journal of Celtic Services. Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. How much interest revenue did Celtic earn this year? 2. Print Done
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