Exercise 810 Coronado Industries has the following transacti

Exercise 8-10 Coronado Industries has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. (Omit cost of goods sold entries.) Nov. 1 Loaned $58,800 cash to C. Bohr on a 12-month, 8% note. Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 8% note Dec. 16 Received a $14,400, 180-day, 696 note to settle an open account from A. Murdock. Dec. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Coronado Industries (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Solution

*Calculation of interest revenue

Date	General Journal	Debit	Credit
Nov 1	Notes Receivable	$58,800
	Cash		$58,800
Dec 11	Notes Receivable	$7,200
	Sales Revenue		$7,200
Dec 16	Notes Receivable	$14,400
	Accounts Receivable		$14,400
Dec 31	Interest Receivable	$852
	Interest Revenue*		$852