Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)

Agrico Inc. accepted a 10-month, 13% (annual rate), $5,350 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2019. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculation. Round your answers to 2 decimal places.)

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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