Question

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.


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  • CreatedJune 15, 2015
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