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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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