Bundle: College Accounting, Chapters 1-15, Loose-Leaf Version, 22nd + LMS Integrated for CengageNOWv2, 1 term Printed Access Card

22nd Edition

ISBN: 9781305930681

Author: James A. Heintz, Robert W. Parry

Publisher: Cengage Learning

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Chapter 17, Problem 6SEA

JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.

Interest on $4,000, 90-day, 7% note (for 15 days)	$11.67
Interest on $7,000, 60-day, 6% note (for 18 days)	21.00
	$32.67

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Chapter 17, Problem 5SEA

Chapter 17, Problem 7SEA

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Chapter 17 Solutions

Bundle: College Accounting, Chapters 1-15, Loose-Leaf Version, 22nd + LMS Integrated for CengageNOWv2, 1 term Printed Access Card

Ch. 17 - The maturity value of a note includes both...Ch. 17 - Prob. 2TF Ch. 17 - The difference between the maturity value of a...Ch. 17 - Prob. 4TF Ch. 17 - When a dishonored note is collected, interest is...Ch. 17 - Principal plus interest equals ______ of a note....Ch. 17 - Prob. 2MC Ch. 17 - Prob. 3MC Ch. 17 - Prob. 4MC Ch. 17 - Accrued interest payable is reported as a ______...

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JOURNAL ENTRIES (ACCRUED INTEREST RECEIVABLE) At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal. Interest on $4,000, 90-day, 7% note (for 15 days) $11.67 Interest on $7,000, 60-day, 6% note (for 18 days) 21.00 $32.67

Solution Summary: The author explains that accrued interest on receivable is interest revenue which is earned but yet to be received.

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