Journalize the adjusting entry for accrued interest on December 31 for the following outstanding notes receivable. Journalize
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Question:
Journalize the adjusting entry for accrued interest on December 31 for the following outstanding notes receivable. Journalize the receipt of the amount due on the due date for each note.
a) $24,000, 60-day, 10% note dated December 1.
b) $12,000, 90-day, 15% note dated October 22.
Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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