Business
AccountingFinancial AccountingThe following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions.The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from McKenna Outer Wear Co. Journalize the entries to record the transactions.
BuyFindlaunch
Financial Accounting
15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
BuyFindlaunch
Financial Accounting
15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Solutions
Chapter
Section
Chapter 9, Problem 22E
Textbook Problem
The following selected transactions were completed by Fasteners Inc. Co., a supplier of buttons and zippers for clothing:
20Y3
| Nov. 21. | Received from McKenna Outer Wear Co., on account, a $96,000, 60-day, 3% note dated November 21 in settlement of a past due account. |
| Dec. 31. | Recorded an adjusting entry for accrued interest on the note of December 3. |
20Y4
| Jan. 20. | Received payment of note and interest from McKenna Outer Wear Co. |
Journalize the entries to record the transactions.
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Financial Accounting
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