Business
AccountingCorporate Financial AccountingEntries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7 Received from Unitarian Clothing & Bags Co, on account, a $75,000, 60-day, 3% note dated December 7. 31. Recorded an adjusting entry for accrued interest on the note of December 7. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions.Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: 20Y7 Dec. 7 Received from Unitarian Clothing & Bags Co, on account, a $75,000, 60-day, 3% note dated December 7. 31. Recorded an adjusting entry for accrued interest on the note of December 7. 31. Recorded the closing entry for interest revenue. 20Y8 Feb. 5. Received payment of note and interest from Unitarian Clothing & Bags Co. Journalize the entries to record the transactions.
BuyFindlaunch
Corporate Financial Accounting
14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
BuyFindlaunch
Corporate Financial Accounting
14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
Solutions
Chapter
Section
Chapter 8, Problem 8.22EX
Textbook Problem
Entries for notes receivable, including year-end entries
The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing:
| 20Y7 | ||
| Dec. | 7 | Received from Unitarian Clothing & Bags Co, on account, a $75,000, 60-day, 3% note dated December 7. |
| 31. | Recorded an adjusting entry for accrued interest on the note of December 7. | |
| 31. | Recorded the closing entry for interest revenue. | |
| 20Y8 | ||
| Feb. | 5. | Received payment of note and interest from Unitarian Clothing & Bags Co. |
Journalize the entries to record the transactions.
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Corporate Financial Accounting
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