C 200 HO01-HOO25 Modules CHAPTER 8 HOMEWORK-Chapter 8 WileyPLUS Kimmel, Accounti

Question

C 200 HO01-HOO25 Modules CHAPTER 8 HOMEWORK-Chapter 8 WileyPLUS Kimmel, Accounting, 6e Help I System Announcements a Exercise 8-11 These transactions took place for Metlock, Inc. 2016 May 1 Received a $3,700, 12-month, 3% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the R. Stoney note. 2017 May 1 Received principal plus interest on the R. Stoney note. (No interest has been accrued since December 31, 2016.) Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.(Credit account t automatically indented when amount is ent entered. Do not indent manu nted in the prob Date Account Titles and Explanation Debit Previous

Explanation / Answer

SOLUTION:

Debit Credit May-01 Notes Receivable 3,700 Accounts Receivable - R. Stoney 3,700 Dec-31 Interest Receivable 74 Interest Revenue 74 (3700 * 3% * 8/12) May-01 Cash 3811 Notes Receivable 3700 Interest Receivable 74 Interest Revenue 37

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.