2018 Intro to Fin Acct ACC281 (Section 4) Homework: Chapter 7 HW Score: 0 of 10

Question

2018 Intro to Fin Acct ACC281 (Section 4) Homework: Chapter 7 HW Score: 0 of 10 pts P7-46A (similar to) Boston Truck, Inc, received the following notes during 2016 Requirements 1. Identifying each note by number, compute the 2. Journalize a single adjusting 3. For note (1) jounalize the collection of principal and interest at maturiy entry on December 31, 2016, to record accrued interest revenue on all three notes year, and determine the due date and maturity value of each note Round int Round interest calculations to the nearest dollar Explanations are not re and interest at maturity, Explanations are not required note Due date Note 1)Dec 23 (2) Nov 30 Tenm t year 4 onths

Explanation / Answer

Notes Note No. Date Term Due date Principal Amount Interest rate Interest Amount maturity value 1 Dec-23 1 Year Dec-23 19000.00 6.00% 1140 20140.00 2 Nov-30 4 months Mar-31 12000.00 13.00% 520 12520.00 3 Dec-07 30 days Jan-07 4000.00 9.00% 30 4030.00 Amount in $ Date General Jounral Debit Credit 2016 Dec-31 Interest Receivable 192.17 Interest Revenue 192.17 To record the accrued interest on notes receivable 2017 Dec-23 Cash 20140 Interest Receivable 28.5 Interest Revenue 1111.5 Notes Receivable 19000

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