Business
AccountingCollege Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)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 $32.67JOURNAL 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
BuyFindlaunch
College Accounting, Chapters 1-27 ...
22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
BuyFindlaunch
College Accounting, Chapters 1-27 ...
22nd Edition
James A. Heintz + 1 other
Publisher: Cengage Learning
ISBN: 9781305666160
Solutions
Chapter
Section
Chapter 17, Problem 6SEA
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 |
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Check out a sample textbook solution.Chapter 17 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 17 - The maturity value of a note includes both...Ch. 17 - When a note is renewed at maturity, the old note...Ch. 17 - The difference between the maturity value of a...Ch. 17 - When a note is dishonored, the interest is not...Ch. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Which account is debited for interest earned but...Ch. 17 - The discount amount is calculated by multiplying...Ch. 17 - When a note payable is paid at maturity, what...Ch. 17 - Accrued interest payable is reported as a ______...
Ch. 17 - On September 5, Y. Haun borrowed 4,000 from the...Ch. 17 - Prepare general journal entries for the following...Ch. 17 - Prepare general journal entries for the following...Ch. 17 - How does a note receivable differ from an account...Ch. 17 - Who is the maker of a note?Ch. 17 - Who is the payee of a note?Ch. 17 - What is the formula for calculating interest on...Ch. 17 - In the formula for calculating interest, how is...Ch. 17 - What number of days is considered as a year by...Ch. 17 - What seven types of transactions involving notes...Ch. 17 - If a note receivable is discounted at a bank, on...Ch. 17 - If a note receivable that was discounted at a bank...Ch. 17 - On which notes receivable and notes payable is it...Ch. 17 - What five types of transactions involving notes...Ch. 17 - When a business borrows money from a bank on a...Ch. 17 - What kind of account is Discount on Notes Payable,...Ch. 17 - What is the appropriate entry for accrued interest...Ch. 17 - How are accrued interest receivable and accrued...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Marienau Suppliers...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE ENTRIES Milo Radio Shop had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - TERM OF A NOTE Calculate total time in days for...Ch. 17 - CALCULATING INTEREST Using 360 days as the...Ch. 17 - DETERMINING DUE DATE Determine the due date for...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, RENEWED, AND...Ch. 17 - JOURNAL ENTRIES (NOTE RECEIVED, DISCOUNTED,...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED, RENEWED, AND PAID)...Ch. 17 - JOURNAL ENTRIES (NOTE ISSUED FOR BANK LOAN)...Ch. 17 - JOURNAL ENTRIES (ACCRUED INTEREST PAYABLE) At the...Ch. 17 - NOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the...Ch. 17 - NOTES RECEIVABLE DISCOUNTING Madison Graphics had...Ch. 17 - ACCRUED INTEREST RECEIVABLE The following is a...Ch. 17 - NOTES PAYABLE Marys Travel Agency had the...Ch. 17 - ACCRUED INTEREST PAYABLE The following is a list...Ch. 17 - You are purchasing a new car and plan to finance...Ch. 17 - Rochelle needed to borrow 3,000 for three months...Ch. 17 - Eddie Edwards and Phil Bell own and operate The...Ch. 17 - REQUIRED Prepare general journal entries on the...
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