Daw Company's December 31 year-end unadjusted trial balance shows a $22,000 balance in Notes Receivable
Daw Company's December 31 year-end unadjusted trial balance shows a $22,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Assume Daw Company does not prepare reversing entries.
Prepare journal entries for December 31 and for the note's maturity date assuming it is honored. (Use 360 days a year.)
Homework Answers
ANSWER:
| Date | General Journal | Debit ($) | Credit($) |
| December 31 | Interest Receivable | 110 | |
| Interest Revenue | 110 | ||
| (22000*6%*30/360) | |||
| January 15 | Cash | 22,165 | |
| Interest receivable | 110 | ||
| Interest revenue(22000*6%*15/360) | 55 | ||
| Note receivable | 22,000 |
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