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. Thanks!