FINANCIAL ACCT.FUND.(LOOSELEAF)
FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 7, Problem 13QS

1.

To determine

Introduction:

Note receivable is a promissory note received from the client which is treated as an undertaking from the client for paying the balance due mentioned in the note. The amount of note is payable along with the specified rate of interest at a specified period of time.

To prepare:

Journal entry for accrual of interest.

2.

To determine

Introduction:

Note receivable is a promissory note received from the client which is treated as an undertaking from the client for paying the balance due mentioned in the note. The amount of note is payable along with the specified rate of interest at a specified period of time.

To prepare:

Journal entry for the amount received on maturity of the note.

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7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY