Dobson Company lends Milligan Industries $40,000 on August 1, 2017, accepting a 9-month, 12% interest note. All interest and principal will be paid back at the end of the 9 months. Dobson properly accrued interest revenue at its December 31, 2017 year end, what entry must it make to record the collection of the principal and Interent on May 1, 2018

Dobson Company lends Milligan Industries $40,000 on August 1, 2017, accepting a 9-month, 12% interest note. All interest and principal will be paid back at the end of the 9 months. Dobson properly accrued interest revenue at its December 31, 2017 year end, what entry must it make to record the collection of the principal and Interent on May 1, 2018

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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