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Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 14ISBN: 978-1305653535 Exercise 10
Details of notes receivable and related entries
Water Closet Co. wholesales bathroom factores. During the current year ending December 31. Water Closet received the following notes:
Instructions
1. Determine for each note (A) the due date and (B) the amount of interest due at maturity, identifying each note by number.
2. Journalize the entry to record the dishonor of Note (B) on its due date.
3. Journalize the adjusting entry to record the account interest on Notes (5) and (6) on December 31.
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.
Water Closet Co. wholesales bathroom factores. During the current year ending December 31. Water Closet received the following notes:
Instructions
1. Determine for each note (A) the due date and (B) the amount of interest due at maturity, identifying each note by number.
2. Journalize the entry to record the dishonor of Note (B) on its due date.
3. Journalize the adjusting entry to record the account interest on Notes (5) and (6) on December 31.
4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February.
Explanation
Verified
Verified
Note Receivable
A Promissory Note which...
Corporate Financial Accounting 14th Edition by Carl Warren,James Reeve,Jonathan Duchac
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