Carlson Corporation Engaged in the Following Transactions Involving Promissory Notes $\$ 30,000$

question 64

Essay

Carlson Corporation engaged in the following transactions involving promissory notes in 2009 and 2010.Journalize these transactions in the journal provided.(Omit explanations.)Round to nearest whole dollar.
2009
1 Sold land to Duane Eppy for $\$ 30,000$ . A six-month, 10 percent note was received in exchange (no gain or loss realized).
1 Received a 30-day, 12 percent note receivable from Tricha Kalson in settlement of her accounts receivable of $\$ 500$ .

Dec. 1 Tricha Kalson dishonored her note issued 30 days earlier. Round to nearest whole dollar.
31 Recorded accined interest on the note received on September 1.

2010
Mar. 1 Received payment in full from Duane Eppy.

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Definitions:

Economic Report

A document or publication that provides information and analysis about the economic conditions or trends.

Federal Budget

The government's estimate of revenue and spending for a fiscal year.

Urban Welfare Payments

Financial support provided by government programs to individuals and families in urban areas, aimed at helping them meet basic needs.

Budget Deficit

A financial situation where an entity's expenditures exceed its revenues over a specified period, prompting borrowing or use of saved reserves.