On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated
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Question:
On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated interest on a note receivable. The interest earned in Dec 20X1 had been correctly accrued and recorded with a Dec 31, 2021 adjusting entry.
What is the journal entry that will be made to record the receipt of the January 31 cash payment ?
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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