In the journal provided, prepare entries for the following (assume a calendar-year accounting period). Dec. 1 Received a three-month, 15 percent note receivable for $3,920 from a customer as an extension of his past-due account. 31 Made the year-end adjustment for accrued interest. Mar. 1 Received full payment on the note.

In the journal provided, prepare entries for the following (assume a calendar-year accounting period). Dec. 1 Received a three-month, 15 percent note receivable for $3,920 from a customer as an extension of his past-due account. 31 Made the year-end adjustment for accrued interest. Mar. 1 Received full payment on the note.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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