on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of an overdue account receivable. Interest revenue was accrued thruogh december 31, 2019. island receives maturity value of the note at maturity. prepare the journal entry to record the collection.
on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of an overdue account receivable. Interest revenue was accrued thruogh december 31, 2019. island receives maturity value of the note at maturity. prepare the journal entry to record the collection.
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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on october 1, 2019, Island Jewelry company accepted a 4 -month, 10% note fot $2,400 in settlement of an overdue
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