Gwynne Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.
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Nov.
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1
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Loaned $60,000 cash to B. Akey on a 1-year, 7% note.
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Dec.
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11
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Sold goods to R. P. Mayrl, Inc., receiving a $3,600, 90-day, 8% note.
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16
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Received a $12,000, 6-month, 9% note to settle an open account from M. Colvin.
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31
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Accrued interest revenue on all notes receivable.
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Instructions
Journalize the transactions for Gwynne Supply Co. (Omit cost of goods sold entries.)