Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Entries for notes receivable, including year-end entries The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing: 20Y3 Nov. 21. Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account Dec. 31. Recorded an adjusting entry for accrued interest on the note of December 3. 20Y4 Jan. 20. Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Entries for notes receivable, including year-end entries
The following selected transactions were completed by Fasterners Inc. Go., a supplier of buttons and zippers for clothing:
20Y3
Nov. 21.
Received from McKenna Outer Wear Go., on account a $96,000, 60-days, 3% note dated november 21 in settlement of a past due account
Dec. 31.
Recorded an adjusting entry for accrued interest on the note of December 3.
20Y4
Jan. 20.
Received payment of note and interest from Mckenna Outer Wear Go. journalize the entries to record the transaction.
Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.
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