S9-11 Learning Objective 4S9-11 Accruing interest revenue and recording collection of a noteOn December 1, Kyle Company accepted a 60-day, 9%, $12,000 note receivable fromJ. Michael in exchange for his account receivable.Requirements1. Journalize the transaction on December 1.2. Journalize the adjusting entry needed on December 31 to accrue interest revenue.Round to thc nearest dollar.3. Journalize the collection of the principal and interest at maturity. Specify the date.Round to the nearest dollar.

Part a Date Debit Credit December 1 Notes receivable 12000…

1. Journalize the transaction on December 1. 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.

1. Journalize the transaction on December 1. 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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