I'm not sure how to journal the principal plus interest for the last transaction. I think that I do 4500-180 for Cash but I'm not sure if I put 180 for the interest revenue as well.
I'm not sure how to journal the principal plus interest for the last transaction. I think that I do 4500-180 for Cash but I'm not sure if I put 180 for the interest revenue as well.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I'm not sure how to journal the principal plus interest for the last transaction. I think that I do 4500-180 for Cash but I'm not sure if I put 180 for the interest revenue as well.
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Step 1
Note receivable is one of the current asset of the business. It means promise has been received from customer to pay amount in specified period along with specified interest.
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