12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 9, Problem S9.11SE

Accruing interest revenue and recording collection of a note

Learning Objective 4

On December 1, Kyle Company accepted a 60-day, 9%, $12,000 note receivable from J. Michael in exchange for his account receivable.
Requirements
1. Journalize the transaction on December 1.
2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar.
3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.

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Chapter 9, Problem S9.10SE

Chapter 9, Problem S9.12SE

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Chapter 9 Solutions

Horngren's Accounting (12th Edition)

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