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Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order presented in the problem.)

Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING
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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Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order presented in the problem.)
Transcribed Image Text:Included in Teal Company's December 31 trial balance is a note receivable of $9,840. The note is a 4-month, 10% note dated October 1. Prepare Teal's December 31 adjusting entry to record $246 of accrued interest, and the February 1 journal entry to record receipt of $10,168 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record Journal entries in the order presented in the problem.)
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