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(Solution) - Assume that Kraft Foods famous for cheese Jell O and Planters

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Assume that Kraft Foods, famous for cheese, Jell-O, and Planters nuts, completed the following selected transactions.
20X7
Nov. 30 Sold goods to Safeway, Inc., receiving a $50,000, 3-month, 6% note.
Dec. 31 Made an adjusting entry to accrue interest on the Safeway note.
20X8
Feb. 28 Collected the Safeway note.
Mar. Received a 90-day, 7%, $6,000 note from Pete's Catering on account.
1 Sold the Pete's Catering note to Lakewood Bank, receiving cash of $5,900.
Dec. 16 Loaned $25,000 cash to Nabisco Brands, receiving a 90-day, 12% note.
31 Accrued the interest on the Nabisco note.
Required
1. Record the transactions in Kraft's journal. Round interest amounts to the nearest dollar.
Explanations are not required.
2. Show what Kraft will report on its comparative classified balance sheet at December 31,
20X8, and December 31, 20X7.

 







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This question was answered on: Jul 11, 2017

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