On December 31, 2017, Rexall Industries recorded an adjusting entry for $10,000 of accrued interest revenue. On

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On December 31, 2017, Rexall Industries recorded an adjusting entry for $10,000 of accrued interest revenue. On January 15, 2018, the company received interest payments in the amount of $22,000. Assuming Rexall Industries uses reversing entries, prepare the 2017 and 2018 journal entries for these interest transactions.
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Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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