Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker K. Savelin 12/15/-- Date of Note Principal Interest Term No. of Days $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 3 1.
Accrued Interest Receivable The following is a list of outstanding notes receivable as of December 31, 20--: Maker K. Savelin 12/15/-- Date of Note Principal Interest Term No. of Days $1,000 5% 60 days 16 R. Hillier 12/3/-- 5,000 6 90 28 B. Miranda 11/30/-- 2,800 8 90 31 R. Hansen 11/18/-- 7,500 7 120 43 Required: 1. Compute the accrued interest at the end of the year. Assume 360 days in a year Round your intermediate calculations and final answer to the nearest cent. 2. Prepare the adjusting entry in the general journal. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- Dec. 31 2 3 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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
Transcribed Image Text:Accrued Interest Receivable
The following is a list of outstanding notes receivable as of December 31, 20--:
Maker
Date of Note Principal Interest Term
No. of Days
K. Savelin 12/15/--
$1,000
5%
60 days
16
R. Hillier
12/3/--
5,000
6.
90
28
B. Miranda 11/30/--
2,800
8
90
31
R. Hansen 11/18/--
7,500
7
120
43
Required:
1. Compute the accrued interest at the end of the year. Assume 360 days in a year.
Round your intermediate calculations and final answer to the nearest cent.
$1
2. Prepare the adjusting entry in the general journal.
Page:
DOC. POST.
NO. REF.
DATE
ACCOUNT TITLE
DEBIT
CREDIT
20--
1
Dec. 31
2
2
3
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