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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.

Interest on $4,000, 90-day, 7% note (for 15 days) $11.67
Interest on $7,000, 60-day, 6% note (for 18 days) 21.00
  $32.67

To determine

Prepare the adjusting entry to record accrued interest receivable.

Explanation

Accrued interest receivable:

Accrued interest on receivable is interest revenue which is earned but yet to be received. The amount of accrued interest is calculated from the notes themselves or from the register of notes receivables.

Prepare the adjusting entry to record accrued interest receivable.

DateAccount titles and ExplanationDebitCredit
December 31Accrued interest receivable$32.67 
     Interest revenue $32...

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