Reeves Company had the following related to Notes Receivable. They close their books on 31st July therefore any interest owed should be accrued.
Date
Apr 16 Jan 25
i. ii. iii.
Maker
Flower Ltd Petal Inc
Face Term Interest
$18,000 120-days 9% $30,000 6-month 10%
On July 1 loaned $27,000 cash to Lily Low on a 9-month, 10% note. On July 15 Flower Ltd paid the amount due in full.
On July 24 Petal Inc note has been dishonored.
Journalize the July transactions.
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