Marathon Running Shoes reports the following Click the icon

Marathon Running Shoes reports the following: (Click the icon to view the information.) Journalize all entries required for Marathon Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Jan. 6, 2018: Recorded credit sales of $105,000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2018 Jan. 6 Jan. 6 Jul. 1, 2018: Loaned $18,000 to Jess Pinket, an executive with the company, on a one-year, 7% note. Date Accounts and Explanation Debit Credit 2018 Jul. 1

Solution

Journal entry :

Date	account & explanation	debit	credit
Jan 6	Account receivable	105000
	Sales revenue		105000
	(To record credit sales)
Jul 1	Notes receivable	18000
	Cash		18000
	(To record loan given)
Dec 31	Interest receivable (18000*7%*6/12)	630
	Interest revenue		630
	(To record accured interest)
Jul 1	Cash	19260
	Notes receivable		18000
	Interest receivable		630
	Interest revenue		630
	(To record maturity)