Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12% interest note. If Vaughn Manufacturing accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date? Cash 56244     Notes Receivable   51600   Interest Revenue   4644 Cash 56244

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Vaughn Manufacturing lends Pina Colada industries $51600 on August 1, 2022, accepting a 9-month, 12% interest note. If Vaughn Manufacturing accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date?

Cash

56244

 

 

Notes Receivable

 

51600

 

Interest Revenue

 

4644

Cash

56244

 

 

Notes Receivable

 

51600

 

Interest Receivable

 

2580

 

Interest Revenue

 

2064

Cash

56244

 

 

Notes Receivable

 

56244

Notes Receivable

51600

 

Interest Receivable

2580

 

Interest Revenue

2064

 

 

Cash

 

56244

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