Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest ncte. If Windsor, Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of thenote and interest at its maturity date?e Cash45144Notes Receivable43200Interest Revenue1944Cash45144Notes Receivable45144Notes Receivable43200Interest Receivable1080Interest Revenue864Cash45144Cash45144Notes Receivable43200Interest Receivable1080Interest Revenue864

calculation Interest Revenue = 43,200 x 6% x 9 /12 = 1,944 Cash = Notes receivable + Interest…

note and interest at its maturity date? Cash 45144 Notes Receivable 43200 Interest Revenue 1944 O Cash 45144 Notes Receivable 45144 Notes Recelvable 43200 Interest Receivable 1080 Interest Revenue 864 Cash 45144

note and interest at its maturity date? Cash 45144 Notes Receivable 43200 Interest Revenue 1944 O Cash 45144 Notes Receivable 45144 Notes Recelvable 43200 Interest Receivable 1080 Interest Revenue 864 Cash 45144

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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Question

Windsor, Inc. lends Flint industries $43200 on August 1, 2022, accepting a 9-month, 6% interest ncte. If Windsor, Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the
note and interest at its maturity date?
e Cash
45144
Notes Receivable
43200
Interest Revenue
1944
Cash
45144
Notes Receivable
45144
Notes Receivable
43200
Interest Receivable
1080
Interest Revenue
864
Cash
45144
Cash
45144
Notes Receivable
43200
Interest Receivable
1080
Interest Revenue
864

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