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. b-2. Prepare the journal entry to record collection of the note and interest at maturity. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Cash Interest payable Interest revenue Note receivable General Journal 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. b-2. Prepare the journal entry to record collection of the note and interest at maturity. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field. Do not round Intermediate calculation. Round your answers to 2 decimal places. View transaction list View journal entry worksheet No A Event 1 Cash Interest payable Interest revenue Note receivable General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.
b-2. Prepare the journal entry to record collection of the note and Interest at maturity.
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 View journal entry worksheet
No
A
Event
1
Cash
Interest payable
Interest revenue
Note receivable
General Journal
Debit
Credit
Ⓒ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0820ea24-d641-4eb3-9ad5-40c6d2ab6348%2F9bd032d8-433c-4836-9094-a51392d048df%2F4ctj5bj_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.
b-2. Prepare the journal entry to record collection of the note and Interest at maturity.
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 View journal entry worksheet
No
A
Event
1
Cash
Interest payable
Interest revenue
Note receivable
General Journal
Debit
Credit
Ⓒ
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