Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Entries for notes receivable, including year-end entries
The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing:
20Y3
Nov. 21.
Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account
Dec. 31.
Recorded an adjusting entry for accrued interest on the note of December 3.
20Y4
Jan. 20.
Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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