On November 1, Coleman Company received Davis Company's $9,600, 90-day, 6% note receivable in settlement of a
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Question:
On November 1, Coleman Company received Davis Company's $9,600, 90-day, 6% note receivable in settlement of a past due account.
At the end of the fiscal year, on December 31, Coleman Company accrued interest on the note.
Required:
Prepare the journal entries for Coleman Company on November 1 and December 31.
Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.
Related Book For
Accounting Principles
ISBN: 978-1119048503
7th Canadian Edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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