On November 19, Gregory Company receives a $19,800, 60-day, 10% note from a customer to replace...
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On November 19, Gregory Company receives a $19,800, 60-day, 10% note from a customer to replace an account receivable. What adjusting entry should be made by Gregory on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Notes Receivable $231; credit Interest Revenue $231. Debit interest Receivable $99, credit Interest Revenue $99 Debit Notes Recelvable $231; credit Interest Receivable $231. Debit Interest Receivable $231 credit Interest Revenue $231 Debit interest Revenue $330; credit Interest Recelvable $330 On November 19, Gregory Company receives a $19,800, 60-day, 10% note from a customer to replace an account receivable. What adjusting entry should be made by Gregory on the December 31 year-end? (Use 360 days a year.) Multiple Choice Debit Notes Receivable $231; credit Interest Revenue $231. Debit interest Receivable $99, credit Interest Revenue $99 Debit Notes Recelvable $231; credit Interest Receivable $231. Debit Interest Receivable $231 credit Interest Revenue $231 Debit interest Revenue $330; credit Interest Recelvable $330
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No of days the bill stayed outstanding since November 19 11 days in November 31 Days in De... View the full answer
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
Posted Date:
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