On December 1, Daw Company accepts a $20,000, 45-day, 6% note from a customer. (1) Prepare...

 

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On December 1, Daw Company accepts a $20,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year. On December 1, Daw Company accepts a $20,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year.

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1 To record accrued interest revenue on December 31 we need to calculate the in... View the full answer