http Spring 2018 Intro to Fin Acct ACC281 (Section 4) omework: Chapter 7 HW core
ID: 2557853 • Letter: H
Question
http Spring 2018 Intro to Fin Acct ACC281 (Section 4) omework: Chapter 7 HW core: 4.58 of 10 pts P7-46A (similar to) EB(Claick to vwew the notes received) HIV Score: 83 35%. the due date and maturity value of each note. Round interest calculations to the nearest dolar 2. Journelize a single adjusting entry on 3. For note (1 on all three notes Round interest calculations to the nearest dollar Explanations are not required 31, 2016, to recoed accrued interest revenue Explanations are not requined Due date MDay Year Interest Dec 23 2017 Mar 30 2017 1,140 20140 2 520 030 are not required (Racord debits Srst then Data Table Dec 31 Interest revene (1) Dec 23 $ 2 Nov 3 3) Dec 7 4 months 12000 13% 4000 9%Explanation / Answer
Accrued Interst on all 3 notes
Note 1: (Interest amount / term in days )* days expired on 31 st december
= (1140/360)*9 days = 28.50
Note 2: (Interest amount / term in days )* days expired on 31 st december
= (520/120)*30 days = 130
Note 3: (Interest amount / term in days )* days expired on 31 st december
= (30/30)*24 days = 24
Total Interest Accrued
Note 1 = 28.50
Note 2 = 130
Note 3 = 24
Total = 182.50
Interest Accrued A/c Dr 182.50
to Interest Income 182.50
3. On 23rd December 2017
Bank A/c Dr 20140
to Note 1 19000
to Interest Accrued 28.50
to Interest Income 1111.50
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