On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year. View transaction list i ¡ No 1 2 Date View journal entry worksheet December 31 January 15 Interest receivable Interest revenue Cash Noton roonivable General Journal Debit 240 32,360 Credit 240

On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year. View transaction list i ¡ No 1 2 Date View journal entry worksheet December 31 January 15 Interest receivable Interest revenue Cash Noton roonivable General Journal Debit 240 32,360 Credit 240

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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