please solve within 30 minutes. ABC company received a two-year note receivable,bearing 7% interest on November 1, 20X1. Interest onthe note is due monthly on the first day of eachmonth. The principal of the note, which is $10,000 isdue on maturity. When receiving the note onNovember 1, ABC debited note receivable for $11,200and credited sales. When receiving the interest onDecember 1, 20X1, they debited cash and creditednote receivable. ABC recorded no other entries forthis note during 20X1. The market interest rate whenthe note was issued was 9%. Prepare one journalentry dated December 31, 20X1 to correct any errorsmade.

The following journal entry should have been made on December 31, 20X1: Debit Credit Interest…

Answered: ABC company received a two-year note…

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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