Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)

Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 17E: Interest-Bearing and Non-Interest-Bearing Notes On December 11, 2019, Hooper Inc. made a credit sale...

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