Flint Distributors Has the Following Transactions Related to Notes Receivable

question 269

Essay

Flint Distributors has the following transactions related to notes receivable during the last two months of the year.
Dec. 1 Loaned $18,000 cash to G. Kingsley on a 1-year, 6% note.
16 Sold goods to D. Jones, receiving a $4,800, 60-day, 7% note.
31 Accrued interest revenue on all notes receivable.
Instructions
Journalize the transactions for Flint Distributors.

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Definitions:

Procedural Due Process

Legal principle requiring government officials to follow fair procedures before depriving a person of life, liberty, or property.

Substantive Due Process

A principle allowing courts to protect certain fundamental rights from government interference, even if procedural protections are provided.

Takings Clause

A clause in the Fifth Amendment of the U.S. Constitution requiring that when government uses its power to take private property for public use, it must pay the owner just compensation, or fair market value, for the property. Also called just-compensation clause.

Just Compensation

The fair payment required to be given to a property owner when their property is taken for public use, under eminent domain.