Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order presented in the problem.)
Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order presented in the problem.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated
October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to
record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order
presented in the problem.)
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