Mattson Loan Company completed these transactions: Show what Mattson would report for these transactions on its 20X8
Question:
Show what Mattson would report for these transactions on its 20X8 and 20X9 balance sheets and income statements. Mattson's accounting year ends on December 31.
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20X8 Apr. 1 Dec. 31 Loaned $20,000 to Charlene Baker on a 1-year, 8% note. Accrued interest revenue on the Baker note. 20X9 Apr. 1 Collected the maturity value of the note from Baker (principal plus interest).
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The journal entries of the above transactions will be as Dr Cr 412...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
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