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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December 31, 20--:

images

REQUIRED

  1. 1. Compute the accrued interest at the end of the year.
  2. 2. Prepare the adjusting entry in the general journal.

1.

To determine

Compute the accrued interest at the end of the year.

Explanation

Accrued interest:

Accrued interest is the outstanding interest expense in the accounting period, as on the reporting date of financial statements.

MakerPrincipal (A)Interest (B)Time (C )Interest [(A × B × C) ÷ 360]
Person K.S$1,0005%16$2...

2.

To determine

Prepare the adjusting entry of accrued interest receivable.

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