Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker K. Savelin 12/15/-- Date of Note Principal Interest Term No. of Days $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 3 1.

Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker K. Savelin 12/15/-- Date of Note Principal Interest Term No. of Days $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 3 1.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 12SPA: ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December...

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ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.
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