McKlien Corporation has a six-month, $10,000, 6% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on December 1. Journalize the entry for McKlien to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 1 Accounts and Explanation Debit Credit

McKlien Corporation has a six-month, $10,000, 6% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on December 1. Journalize the entry for McKlien to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date 2024 Dec. 1 Accounts and Explanation Debit Credit

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 14RE: On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank....

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Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
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