James Supply Co. has the following transactions related to notesreceivable during the last 2 months of 2013. Nov. 1 Loaned $20,000cash to Mary Perkins on a 1-year, 12% note. Dec. 11 Sold goods toEminem, Inc., receiving a $9,000, 90-day, 8% note. The goods cost$6,500. Dec. 16 Received a $8,000, 6-month, 9% note in exchange forMick Jagger’s outstanding accounts receivable. Dec. 31 Accruedinterest revenue on all notes receivable.(assume 360 days per year)Instructions (a) Journalize the transactions for James Supply Co.(b) Record the collection of the Perkins note at its maturity onNovember 1, 2014.
