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On March 1, Kis Company accepted a 6-day 9%, $21.900 note receivable from J. Peterman in exchange for his account receivable.
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Answer #1

Date Accounts and Explanation Debit Credit

Mar 1 Notes Receivable (short term) 21900

Account Receivable 21900

(Being note received from J Peterman)

Mar 31 Interest receivable 162

Interest Revenue 162

(Being interest revenue accrued)

Interest revenue = 21900 * 0.09 * 30/365

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