Is my journal entry correct re: the following line item? March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019 6-Mar Cash $ 32,250 Interest Income $ 2,250 Notes Receivable- Mayor Quimby $ 30,000
Is my journal entry correct re: the following line item? March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019 6-Mar Cash $ 32,250 Interest Income $ 2,250 Notes Receivable- Mayor Quimby $ 30,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 2CE
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March 6: Mr. Burns collected $30,000 of the 1/1/2020 balance of the note receivable from Mayor Quimby. The interest rate was 15% and the Note was written on July 1th, 2019
6-Mar | Cash | $ 32,250 | ||
Interest Income | $ 2,250 | |||
Notes Receivable- Mayor Quimby |
$ 30,000 |
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