Record journal entries July 1 July 31 Oct. 1 Oct. 1 Oriole Catering accepted a 5%, 3-month,
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July 1 July 31 Oct. 1 Oct. 1 Oriole Catering accepted a 5%, 3-month, $10,320 note dated July 1 from VIP Productions for the balance due on account. Oriole Catering accrued interest on the July 1 note from VIP Productions. Collected the VIP Productions note in full. Interest was correctly accrued on July 31. August 31, and September 30. Assume instead, that the note is dishonored and that no interest has been accrued. Oriole Catering expects VIP Productions to eventually pay the amount owed. July 1 July 31 Oct. 1 Oct. 1 Oriole Catering accepted a 5%, 3-month, $10,320 note dated July 1 from VIP Productions for the balance due on account. Oriole Catering accrued interest on the July 1 note from VIP Productions. Collected the VIP Productions note in full. Interest was correctly accrued on July 31. August 31, and September 30. Assume instead, that the note is dishonored and that no interest has been accrued. Oriole Catering expects VIP Productions to eventually pay the amount owed.
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July 1 Accounts Receivable VIP Productions 10320 Notes Receivable VIP Productions 10320 To record ac... View the full answer
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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