eBook 2013 Show Me How Received from McKenna Outer Wear Co., on account, a $72,000, 60-day,...

Transcribed Image Text:

eBook 2013 Show Me How Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 6% note dated November 21 in settlement of a past du account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. Dec. 31 2013, Nov. 21 Notes Receivable Accounts Receivable-McKenna Outer Wear Co. Interest Receivable Interest Revenue 2014, Jan, 20 Cash Notes Receivable Interest Receivable Interest Revenue 72,000 560 72,000 560 eBook 2013 Show Me How Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 6% note dated November 21 in settlement of a past du account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 2014 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar amount. Dec. 31 2013, Nov. 21 Notes Receivable Accounts Receivable-McKenna Outer Wear Co. Interest Receivable Interest Revenue 2014, Jan, 20 Cash Notes Receivable Interest Receivable Interest Revenue 72,000 560 72,000 560

Answer rating: 100% (QA)

Date 20Y3 Nov 21 Dec 31 20Y4 Jan 20 General Journal Notes receivable Accounts receivable Mc... View the full answer