Oak Supply Corp. has the following selected transactions for notes receivable. ...
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Accounting
Oak Supply Corp. has the following selected transactions for notes receivable.
Nov. 1
Lent $117,000 cash to A. Bouchard on a one-year, 9% note.
Dec. 1
Sold goods to Wright, Inc., receiving a two-month, 6%, $22,100 note. The goods cost $13,600.
15
Received a six-month, 6%, $24,000 note in exchange for an account from Aquilina Corporation.
Feb. 1
Collected the amount owing on the Wright note.
28
Accrued interest on all notes receivable at year end. Interest is calculated to the nearest half month and is due at maturity.
28
Analyzed each note and estimated that uncollectible notes at year end totalled $18,500.
Record the above transactions for Oak Supply Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to the nearest whole dollar, e.g. 5,275.)
Debit Credit (To record sales) To record cost of merchandise sold) To accrue interest)
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