Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a nine month note. The principal and interest will be paid when the note matures. Alfred’s journal entry on December 31, 2015 will credit Interest Revenue for:
Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a nine month note. The principal and interest will be paid when the note matures. Alfred’s journal entry on December 31, 2015 will credit Interest Revenue for:
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...
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Alfred Company lends $40,000 with 9% interest to a customer on August 1, 2015, in exchange for a nine month note. The principal and interest will be paid when the note matures. Alfred’s
journal entry on December 31, 2015 will credit Interest Revenue for:
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