On December 1, Daw Co. accepts a $14.000, 45-day, 6% note from a customer.
On December 1, Daw Co. accepts a $14.000, 45-day, 6% note from a customer.
(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31.
(2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
Homework Answers
Interest revenue on December 31 = 14,000 x 6% x 30/360
= $70
Interest revenue on January 15 = 14,000 x 6% x 15/360
= $35
1.
| Date | General Journal | Debit | Credit |
| Dec. 31 | Interest receivable | $70 | |
| Interest revenue | $70 |
2.
| Date | General Journal | Debit | Credit |
| Jan. 15 | Cash | $14,105 | |
| Note receivable | $14,000 | ||
| Interest receivable | $70 | ||
| Interest revenue | $35 |
Kindly comment if you need further assistance. Thanks‼!
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