On December 1, Klien Company accepted a 120-day, 3%, $36,500 note receivable from J. Rock in exchange for his account receivable. Read the requirements. Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 1 Requirements Debit Print 1. Journalize the transaction on December 1. 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. Credit Done - X
On December 1, Klien Company accepted a 120-day, 3%, $36,500 note receivable from J. Rock in exchange for his account receivable. Read the requirements. Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Dec. 1 Requirements Debit Print 1. Journalize the transaction on December 1. 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. Credit Done - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On December 1, Klien Company accepted a 120-day, 3%, $36,500 note receivable from J. Rock in exchange for his
account receivable.
Read the requirements.
Requirement 1. Journalize the transaction on December 1. (Record debits first, then credits. Select the explanation on
the last line of the journal entry table.)
Date
Accounts and Explanation
Dec. 1
Requirements
Debit
Print
1. Journalize the transaction on December 1.
2. Journalize the adjusting entry needed on December 31 to accrue interest
revenue. Round to the nearest dollar.
3.
Journalize the collection of the principal and interest at maturity. Specify the
date. Round to the nearest dollar.
Credit
Done
-
X
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