Current Attempt in Progress Ivanhoe Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $61,200 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Ivanhoe $9,000. Ivanhoe uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $24,000, three-month, 5% note. The goods cost Ivanhoe $16,000. H. Giorgi was unable to pay her account. Giorgi gave Ivanhoe a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Ivanhoe Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent

Current Attempt in Progress Ivanhoe Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $61,200 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Ivanhoe $9,000. Ivanhoe uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $24,000, three-month, 5% note. The goods cost Ivanhoe $16,000. H. Giorgi was unable to pay her account. Giorgi gave Ivanhoe a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Ivanhoe Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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