On August 2, Jun Co. receives a $7,400, 90-day, 13.5% note from customer Ryan Albany as payment on his $7,400 account receivable
QS 9-12 Note receivable honored LO P4
On August 2, Jun Co. receives a $7,400, 90-day, 13.5% note from customer Ryan Albany as payment on his $7,400 account receivable. Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. (Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.)
Homework Answers
| Date | Account | Debit | Credit |
|---|---|---|---|
| Oct 31 | Cash | 7,650 | |
| Notes Receivable | 7,400 | ||
| Interest revenue (7,400*13.5%*90/360) | 250 | ||
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detailed solution. Thanks.
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