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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 17
Accounting for notes receivable and accruing interest Kelly Realty loaned money and received the following notes during 2012.
Requirements
For each note, compute interest using a 360-day year. Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2012, the fiscal year end, to record accrued interest revenue on all three notes.
3. Journalize the collection of principal and interest at maturity of all three notes.
Requirements
For each note, compute interest using a 360-day year. Explanations are not required.
1. Determine the due date and maturity value of each note.
2. Journalize the entry to record the inception of each of the three notes and also journalize a single adjusting entry at December 31, 2012, the fiscal year end, to record accrued interest revenue on all three notes.
3. Journalize the collection of principal and interest at maturity of all three notes.
Explanation
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Journalizing is the chronological accoun...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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