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Great Plains Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.
Nov. 1 Loaned $75,000 cash to B. Benson on a 1-year, 8% note.
Dec. 11 Sold goods to Roswell, Inc., receiving a $9,000, 90-day, 7% note.
16 Received a $20,000, 6-month, 9% note to settle an open account from M. Ling.
31 Accrued interest revenue on all notes receivable.
Instructions
Journalize the transactions for Great Plains Supply Co.
Trial Balance Preparation
The process of summarizing all the financial transactions in a company's general ledger accounts to ensure debits equal credits.
Account Balance
The amount of money in a financial repository, such as a checking account or investment account, at any given time.
Posting Omitted
An error occurring when a financial transaction is not recorded in the appropriate ledger, potentially affecting financial statements.
Trial Balance Preparation
The process of compiling the balances of all ledger accounts into a report to verify that the total of debit balances equals the total of credit balances, indicating correctly recorded transactions.
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