For Atco Finance, record (1) the payment of the $216,000 cash and the receipt of the note receivable on October 1, 2023; (2) the accrual of interest on December 31, 2023; and (3) the collection of the note and interest on July 1, 2024. (Hint: Atco Finance uses a Notes Receivable account to record its loans.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the question statement. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Oct. 1, 2023 く Notes Receivable Cash Dec. 31, 2023 ✓ Interest Receivable Interest Income July 1, 2024 Cash Interest Receivable Notes Receivable Debit 216,000 3,780 Credit
For Atco Finance, record (1) the payment of the $216,000 cash and the receipt of the note receivable on October 1, 2023; (2) the accrual of interest on December 31, 2023; and (3) the collection of the note and interest on July 1, 2024. (Hint: Atco Finance uses a Notes Receivable account to record its loans.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the question statement. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Oct. 1, 2023 く Notes Receivable Cash Dec. 31, 2023 ✓ Interest Receivable Interest Income July 1, 2024 Cash Interest Receivable Notes Receivable Debit 216,000 3,780 Credit
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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