Copeland Industries has the following transactions related to notes receivable during the last month of the year:Dec 1 Lent $75,000 cash to P. Arthur on a 1-year, 6% note. Interest is due the first of each month, commencing January 1.15 Sold goods to F. Murdoch, receiving a $12,000, 4-month, 4% note. Interest is due the 15 of each month, commencing January 15. Copeland uses the periodic inventory method.31 Accrued interest revenue on notes receivable.InstructionsRecord the above transactions for Greenland Distributors.

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The Answer of Copeland Industries has the following transactions related to notes receivable during the last month of the year:Dec 1 Lent $75,000 cash to P. Arthur on a 1-year, 6% note. Interest is due the first of each month, commencing January 1.15 Sold goods to F. Murdoch, receiving a $12,000, 4-month, 4% note. Interest is due the 15 of each month, commencing January 15. Copeland uses the periodic inventory method.31 Accrued interest revenue on notes receivable.InstructionsRecord the above transactions for Greenland Distributors.

Copeland Industries Has the Following Transactions Related to Notes Receivable