A company received the following notes during 2019. NOTE DATE PRINCIPAL AMOUNT August 30 November 19 Dec 1 Dec 1 (a) (b) (c) (d) $9,000 12,000 15,000 20,000 INTEREST RATE 4% 3% 5% 6% TERM 3months 60 days 1year 2years

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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A company received the following notes during 2019.
NOTE
PRINCIPAL
AMOUNT
$9,000
12,000
15,000
20,000
(a)
(b)
(c)
(d)
DATE
August 30
November 19
Dec 1
Dec 1
INTEREST
RATE
4%
3%
5%
6%
TERM
3months
60 days
1year
2years
1. Determine the due date of each note.
2. Journalize a single adjusting entry at December 31, 2019 of each note to record
accrued interest revenue on the notes.
Transcribed Image Text:A company received the following notes during 2019. NOTE PRINCIPAL AMOUNT $9,000 12,000 15,000 20,000 (a) (b) (c) (d) DATE August 30 November 19 Dec 1 Dec 1 INTEREST RATE 4% 3% 5% 6% TERM 3months 60 days 1year 2years 1. Determine the due date of each note. 2. Journalize a single adjusting entry at December 31, 2019 of each note to record accrued interest revenue on the notes.
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