The Bronxville Company has a Dec 31st year-end. On Nov 1, 2020, the Bronxville company sold merchandise for $92,000 and accepted a 5%(annual interest rate), six-month notes. The note was correctly recorded on Nov 1, 2020. The interest and principal on the note are due on April 30, 2021. Prepare the Bronxville Company Dec 31, 2020 adjusting journal entry in good form related to this note.

The Bronxville Company has a Dec 31st year-end. On Nov 1, 2020, the Bronxville company sold merchandise for $92,000 and accepted a 5%(annual interest rate), six-month notes. The note was correctly recorded on Nov 1, 2020. The interest and principal on the note are due on April 30, 2021. Prepare the Bronxville Company Dec 31, 2020 adjusting journal entry in good form related to this note.

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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