College Accounting, Chapter 1-15 (Looseleaf)

23rd Edition

ISBN: 9781337794800

Author: HEINTZ

Publisher: CENGAGE L

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Chapter 17, Problem 6SEB

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 $6,000, 60-day, 5.5% note (for 24 days)	$22.00
Interest on $9,000, 90-day, 6% note (for 12 days)	18.00
	$40.00

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Chapter 17, Problem 5SEB

Chapter 17, Problem 7SEB

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Chapter 17 Solutions

College Accounting, Chapter 1-15 (Looseleaf)

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 $6,000, 60-day, 5.5% note (for 24 days) $22.00 Interest on $9,000, 90-day, 6% note (for 12 days) 18.00 $40.00

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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