Concord Supply Co. has the following transactions related to notes receivable during the last 2...
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Concord Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $27,000 cash to Manny Lopez on a 12 month, 8% note. Dec. 11 Sold goods to Ralph Kremer, Inc, receiving a $72,000,90-day, 6\% note. 16 Received a $44,600,180 day, 12% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Concord Supply Co. (Ignore entries for cost of goods sold.) (Credit account tities are outomatically Indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record joumal entrles in the order presented in the problem.) Record the collection of the Lopez note at its maturity in 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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