Multi Media Ltd. completed the following transactions: • September 14, 2016: Provided services to Inga Corporation on account, $3,000, terms 30 days. . November 1, 2016: Accepted a one-year, 12% note from Inga Corporation to settle its account. • December 31, 2016: Accrued interest on the note from Inga Corporation (round to the nearest dollar). . November 1, 2017: Received amount due from Inga Corporation. 1. Record entries for the above transactions.

Multi Media Ltd. completed the following transactions: • September 14, 2016: Provided services to Inga Corporation on account, $3,000, terms 30 days. . November 1, 2016: Accepted a one-year, 12% note from Inga Corporation to settle its account. • December 31, 2016: Accrued interest on the note from Inga Corporation (round to the nearest dollar). . November 1, 2017: Received amount due from Inga Corporation. 1. Record entries for the above transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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