Question

Emil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2014, accepting Acme's $20,000, six-month, 6% note.
(a) Prepare Emil’s; November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
(b) Assume instead that Emil uses reversing entries.
Prepare any appropriate reversing entry at January 1, 2015, and the May 1, 2015 entry for the collection of the note and interest.


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  • CreatedSeptember 18, 2015
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