j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Interest Receivable 1,850 X Interest Revenue 2,250 X

j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year. Date Description Debit Credit Dec. 31 Interest Receivable 1,850 X Interest Revenue 2,250 X

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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j. Interest was accrued on the note receivable received on October 17 ($100,000, 90-day, 9% note). Assume 360 days per year.
Date
Description
Debit
Credit
Dec. 31 Interest Receivable v
1,850 X
Interest Revenue v
2,250 X

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