Bernard Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.

Nov. 1 Loaned $30,000 cash to T. Crew on a 1-year, 8% note.
Dec. 11 Sold Goods to M.F. Hoffman, Inc., receiving a $3,600, 90-day, 12% note.
Dec. 16 Received an $8,000, 6-month, 12% note to settle an open account from C. Lampe.
Dec. 31 Accrued interest revenue on all noes receivable.

Instructions:
Journalize the transactions for Bernard Supply Co.

This is what I have come up with so far:

Nov.1 Notes Receivable 30,000
Accounts Receivable-T. Crew 30,000
Dec. 11 Notes Receivable 3,600
Accounts Receivable-M.F. Hoffman Inc. 3,600
Dec.16 Notes Receivable 8,000
Accounts Receivable-C. Lampe 8,000

What I need is for someone to tell me if I am doing this right so far and what I need to do at the end of the month with the interest. Thanx!

Nov. 1 Loaned $30,000 cash to T. Crew on a 1-year, 8% note.
Dr. Notes Receivable 30,000
Cr. Cash 30,000

If we are loaning someone money, we must credit cash.


Dec. 11 Sold Goods to M.F. Hoffman, Inc., receiving a $3,600, 90-day, 12% note.
Dr. Notes Receivable 3,600
Cr. Revenue 3,600

We made a sale, but instead of getting cash for it, we are getting a note.


Dec. 16 Received an $8,000, 6-month, 12% note to settle an open account from C. Lampe.

I agree with your Dec. 16 entry.

Dr. NR 8,000
Cr. AR 8,000


Dec. 31 Accrued interest revenue on all notes receivable.

Nov. 1 NOTE = 30,000 at 8% for 1 year.
30,000 x 0.08 x 2/12 = 400

Dec. 11 NOTE = $3,600, 90-day, 12% note.
3,600 x 0.12 x 2/12 = 72


Dec. 16 NOTE = $8,000, 6-month, 12% note
8,000 x .12 x 2/12 = 160

Adding it all up, 400+72+160 = $632

Dr. Interest Receivable 632
Cr. Interest Revenue 632

If you want, you can always break up the interest Receivable per person.