Question: On December 1 Kole Corporation accepted a 120 day 6 17 000

On December 1, Kole Corporation accepted a 120-day, 6%, $17,000 note receivable from J. Peterman in exchange for his account receivable.
Requirements
1. Journalize the transaction on December 1.
2. Journalize the adjusting entry needed on December 31 to accrue interest revenue.
3. Journalize the collection of the principal and interest at maturity. Specify the date.

View Solution:


Sale on SolutionInn
Sales1
Views195
Comments
  • CreatedJune 15, 2015
  • Files Included
Post your question
5000