Question 4 On June 15, 2020, Chikadoo Co. received from one of its customers, Kieme Co.,...
Question 4 On June 15, 2020, Chikadoo Co. received from one of its customers, Kieme Co., a 90 day, 12%, $12,000 note receivable, in exchange for contract services provided. Chikadoo Co. has a June 30 fiscal year end. Kieme Co. honoured the note at maturity. Prepare the journal entries on the:
a. Issuance of the note on June 15.
b. Accrual of interest on June 30.
c. Payment of the note at maturity
Homework Answers
Journal entries
| Date | General Journal | Debit | Credit |
| June 15 | Notes receivable-Kieme Co | 12000 | |
| Account receivable-Kieme Co | 12000 | ||
| June 30 | Interest receivable (12000*12%*15/360) | 60 | |
| Interest revenue | 60 | ||
| Sept 13 | Cash | 12360 | |
| Notes receivable-Kieme Co | 12000 | ||
| Interest receivable | 60 | ||
| Interest revenue | 300 | ||
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