Homework Answers
Answer)
General Journal
|
Date |
Accounts |
Debit |
Credit |
|
December'31 |
Interest Receivable |
$ 2,500 |
|
|
Interest Revenue |
$ 2,500 |
||
|
(To record Interest accrued on note receivable) |
Working Note:
Calculation of amount of interest accrued on Notes receivable
Amount of Notes receivable = $ 50,000
Period of Accrued Interest (From July 1, 2019 to December 31, 2019) = 6 months
Rate of interest = 10% per annum
Interest accrued = ($ 50,000 X 10% X 6 months)/ 12 months
=$ 2,500
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