What Are The Acme Supply Company’S General Journal
What are the Acme Supply Company’s general journal entries for the following transactions?Jan. 1Accepted RunTimeCo’s 120-day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year. Jan. 15Purchased $10,000 Equipment from XYZ, signing a 9-month, 12% note. Jan. 15Loaned Warner Co. $30,000 cash, accepting a 90-day, 10% note. Jan. 31Prepared accrual adjusting entry for any interest revenue. Apr. 15Received payment in full from Warner Co. for outstanding note and interest. May 1Received payment in full from RunTimeCo for outstanding note and interest. Oct. 15Paid XYZ in full.