Record the following note receivable transactions in the journal of Town & Country Realty. How much interest

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Record the following note receivable transactions in the journal of Town & Country Realty. How much interest revenue did Town & Country earn this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar.

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Financial Accounting

ISBN: 978-0135012840

7th edition

Authors: Walter T. Harrison, Charles T. Horngren

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Question Posted: Aug 04, 2016 10:21 AM

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Record the following note receivable transactions in the journal of Town & Country Realty. How much interest

Question:

Loaned $50,000 cash to Springfield Co. on a 1-year, 9% note. Performed service for Joplin Corporation, receiving a 90-day, 12% note for $10,000. Received a $2,000, 6-month, 12% note on account from Afton, Inc. Accrued Nov. 1 Dec. 3 16 31 interest revenue for the year

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1 The Receivable for Town Country Realty will be recorded as Dr Cr 1Nov Receivable ...View the full answer

Financial Accounting

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