C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged inwarehouse spaces, received a P 250,000, 6%, 2-year note from a customer.LBy the year end Dec 31, 2021, provide Adjusting Entry to record the accrued interest. (Roundoff your answers to whole numbers)

Adjusting entries are the entries usually made at the end of the period to fix some accounts before…

C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged in. warehouse spaces, received a P 250,000, 6%, 2-year note from a customer. 1. By the year end Dec. 31, 2021, provide Adjusting Entry to record the accrued interest. (Round off your answers to whole numbers)

C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged in. warehouse spaces, received a P 250,000, 6%, 2-year note from a customer. 1. By the year end Dec. 31, 2021, provide Adjusting Entry to record the accrued interest. (Round off your answers to whole numbers)

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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Question

C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged in
warehouse spaces, received a P 250,000, 6%, 2-year note from a customer.
LBy the year end Dec 31, 2021, provide Adjusting Entry to record the accrued interest. (Round
off your answers to whole numbers)

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Please help me. Thankyou.
ces Required information [The following information applies to the questions displayed below.] Following are transactions of Danica Company. December 13 Accepted a $20,000, 45-day, 4% note in granting Miranda Lee a time extension on her past-due account receivable. December 31 Prepared an adjusting entry to record the accrued interest on the Lee note. Complete the table to calculate the interest amounts at December 31st and use the calculated value to prepare your journal entries. Note: Do not round your intermediate calculations. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at December 31st, Interest Recognized December 31 20,000 4% 18/360 Principal Rate (%) Time Total interest Total Through Maturity $ 20,000 $ 4% 45/360 Check my work
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