On December 1, Klien Company accepted a 120-day, 3%, $36,500 note receivable from J. Rock in exchange for his account receivable. Read the requirements. Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 1 Requirements Debit Print 1. Journalize the transaction on December 1. 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. Credit Done - X

On December 1, Klien Company accepted a 120-day, 3%, $36,500 note receivable from J. Rock in exchange for his account receivable. Read the requirements. Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 1 Requirements Debit Print 1. Journalize the transaction on December 1. 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. Credit Done - X

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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