In the journal provided, prepare entries for the following (assume a calendar-year accounting period). Dec. 1 Received a three-month, 15 percent note receivable for $3,920 from a customer as an extension of his past-due account. 31 Made the year-end adjustment for accrued interest. Mar. 1 Received full payment on the note.
In the journal provided, prepare entries for the following (assume a calendar-year accounting period). Dec. 1 Received a three-month, 15 percent note receivable for $3,920 from a customer as an extension of his past-due account. 31 Made the year-end adjustment for accrued interest. Mar. 1 Received full payment on the note.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In the journal provided, prepare entries for the following (assume a calendar-year accounting period).
Dec. 1 Received a three-month, 15 percent note receivable for $3,920 from a
customer as an extension of his past-due account.
31 Made the year-end adjustment for accrued interest.
Mar. 1 Received full payment on the note.
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