Required information [The following information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. b-2. Prepare the journal entry to record collection of the note and interest at maturity. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Cash Interest payable Interest revenue Note receivable General Journal Debit Credit
Required information [The following information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. b-2. Prepare the journal entry to record collection of the note and interest at maturity. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Cash Interest payable Interest revenue Note receivable General Journal Debit Credit
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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