1. Accounting for Notes Receivable
On November 1, 2008, Gopher borrowed $50,000 on a 6%, 90-day promissory note.
Prepare any necessary journal entry on December 31, the end of the company’s fiscal year.
2. Accounting for Credit Card Sales
On July 20, Wolverine presents credit card drafts to its bank in the amount of $10,000; the collection
charge is 4%.
Prepare the journal entry on Wolverine’s books on July 20, the date of deposit.