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Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) Debit Cash, debit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) debit Notes Receivable, credit cash, Credit Interest Revenue for (cash X interest rate X months/12)

Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) Debit Cash, debit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) debit Notes Receivable, credit cash, Credit Interest Revenue for (cash X interest rate X months/12)

Principles of Accounting Volume 1
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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Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) Debit Cash, debit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) debit Notes Receivable, credit cash, Credit Interest Revenue for (cash X interest rate X months/12)
Transcribed Image Text:Journal Entry for Payee when giving note * to either the maker or a bank Debit Cash, Credit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) Debit Cash, debit Notes Receivable, Credit Interest Revenue for (cash X interest rate X months/12) debit Notes Receivable, credit cash, Credit Interest Revenue for (cash X interest rate X months/12)
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