-21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 9% note dated November 21 in settlement of a past due account. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 4 . 20. Received payment of note and interest from McKenna Outer Wear Co. rnalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar an Y3, Nov. 21 ec. 31 DY4, Jan. 20

-21. Received from McKenna Outer Wear Co., on account, a $72,000, 60-day, 9% note dated November 21 in settlement of a past due account. 31. Recorded an adjusting entry for accrued interest on the note of November 21. 4 . 20. Received payment of note and interest from McKenna Outer Wear Co. rnalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Assume a 360-day year when calculating interest. Round answers to the nearest dollar an Y3, Nov. 21 ec. 31 DY4, Jan. 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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