Required Information [The following information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the Interest earned by Agrico during Its year ended December 31, 2022. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Do not round your Intermediate calculation. Round your answers to 2 decimal places. View transaction list Journal entry worksheet < A Record the accrued interest earned on a short-term note. Note: Enter debits before credits. Event 1 General Journal Interest receivable Interest revenue Debit Credit
Required Information [The following information applies to the questions displayed below.] Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022; Interest is payable with the principal at maturity. a-2. Prepare the journal entry to record the Interest earned by Agrico during Its year ended December 31, 2022. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account fleld. Do not round your Intermediate calculation. Round your answers to 2 decimal places. View transaction list Journal entry worksheet < A Record the accrued interest earned on a short-term note. Note: Enter debits before credits. Event 1 General Journal Interest receivable Interest revenue Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 28E: On January 1, 2019, Northfield Corporation becomes delinquent on a 100,000, 14% note to First...
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![Required Information
[The following information applies to the questions displayed below.]
Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022;
Interest is payable with the principal at maturity.
a-2. Prepare the Journal entry to record the Interest earned by Agrico during its year ended December 31, 2022.
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round your
Intermediate calculation. Round your answers to 2 decimal places.
View transaction list
Journal entry worksheet
<
A
Record the accrued interest earned on a short-term note.
Note: Enter debits before credits.
Event
1
General Journal
Interest receivable
Interest revenue
Record entry
Clear entry
Debit
Credit
View general journal
>](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0820ea24-d641-4eb3-9ad5-40c6d2ab6348%2F3b2a1207-e729-4264-a5ab-258ae0824fa1%2F8tnbke9_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
Agrico Incorporated accepted a 10-month, 11% (annual rate), $5,650 note from one of its customers on July 15, 2022;
Interest is payable with the principal at maturity.
a-2. Prepare the Journal entry to record the Interest earned by Agrico during its year ended December 31, 2022.
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round your
Intermediate calculation. Round your answers to 2 decimal places.
View transaction list
Journal entry worksheet
<
A
Record the accrued interest earned on a short-term note.
Note: Enter debits before credits.
Event
1
General Journal
Interest receivable
Interest revenue
Record entry
Clear entry
Debit
Credit
View general journal
>
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