Exercise 8-12 (Part Level Submission) Oriole Company has the following transactions related to notes receivable...
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Exercise 8-12 (Part Level Submission) Oriole Company has the following transactions related to notes receivable during the last 2 months of 2019. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $23,500 cash to Manny Lopez on a 12 month, 12% note. Sold goods to Ralph Kremer, Inc., receiving a $61,200, 90-day, 10% note. Received a $97,200, 180 day, 8% note in exchange for Joe Fernetti's outstanding accounts receivable. Accrued interest revenue on all notes receivable. (b) Record the collection of the Lopez note at its maturity in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation Debit Credit
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