on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers 12% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2018? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

on August 1, 2018, Turner manufacturing lands cash and excepts a $11,000 note receivable that offers 12% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2018? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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On August 1, 2021, Turner Manufacturing lends cash and accepts a $24,000 note receivable that offers 10% interest and is due in nine months. How would Turner record the year-end adjustment to accrue interest in 2021? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) A. Interest Revenue 1,050 Interest Receivable 1,050 B. Interest Receivable 2,400 Interest Revenue 2,400 C. Interest Receivable 1,050 Interest Revenue 1,050 D. Interest Receivable 1,000 Interest Revenue 1,000
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