On November 1, 2009, Davidson Co. received a $5,000, 10%, 4-month note from Chris Spent in exchange
Question:
Required:
(a) Prepare the entry to record the receipt of this note receivable for Davidson.
(b) Prepare the necessary year-end adjusting entry related to this note receivable. Why is this entry needed?
(c) Assume that Davidson repaid the note and interest on the due date. Prepare and date the entry needed to record the funds received by Davidson.
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a Notes Receivable 5000 Accounts Receivable 5000 b Interest Receivabl...View the full answer
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