Record the following note receivable transactions in the journal of Mediterranean Services. How much interest revenue did
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Record the following note receivable transactions in the journal of Mediterranean Services. How much interest revenue did Mediterranean earn this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar. Mediterranean Services has a December 31 fiscal year-end.
Oct 1 .............. Loaned $21,000 cash to Brandy Shields on a one-year, 10% note.
Dec 6 .............. Performed service for Lawn Pro, receiving a 90-day, 9% note for $5,000.
16 .................. Received a $4,000, six-month, 11% note on account from Peabody Company.
31 ................... Accrued interest revenue for the year.
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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