The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for
Question:
20Y3
Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day,
3% note dated November 21 in settlement of a past due account.
Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3.
20Y4
Jan. 20. Received payment of note and interest from McKenna Outer Wear Co.
Journalize the entries to record the transactions.
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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