Q1: The following information is taken from records of Marios Tune-Up shop: Balance Jan. 1 Balance Dec. Transaction 2020 during 2020 810 1650 1200 Interest receivable Wages payable Interest payable Cash receipts and payment Interest on notes receivable Wages Interest on notes payable 31 2020 975 1725 1425 1860 96000 1395 Required: Compute the interest revenue, wages expenses, and interest expenses for the year 2020

Q1: The following information is taken from records of Marios Tune-Up shop: Balance Jan. 1 Balance Dec. Transaction 2020 during 2020 810 1650 1200 Interest receivable Wages payable Interest payable Cash receipts and payment Interest on notes receivable Wages Interest on notes payable 31 2020 975 1725 1425 1860 96000 1395 Required: Compute the interest revenue, wages expenses, and interest expenses for the year 2020

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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Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.
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