On December 1, Daw Company accepts a $46,000, 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. (Use 360 days a year.) View transaction list

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On December 1, Daw Company accepts a $46,000, 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. (Use 360 days a year.)
View transaction list
Journal entry worksheet
<
1
2
>
Record the year-end adjustment related to this note, if any.
Note: Enter debits before credits.
Date
General Journal
Debit
December
31
Clear entry
Record entry
Credit
View general journal
Transcribed Image Text:On December 1, Daw Company accepts a $46,000, 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. (Use 360 days a year.) View transaction list Journal entry worksheet < 1 2 > Record the year-end adjustment related to this note, if any. Note: Enter debits before credits. Date General Journal Debit December 31 Clear entry Record entry Credit View general journal
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