Daw Company’s December 31 year-end unadjusted trial balance
shows a $14,000 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.)
1. Record the year-end adjustment related to this note, if any.
2. Record the journal entry on the note’s maturity date assuming it is honored. Assume Daw Company does not prepare reversing entries.
Homework Answers
| Date | Account | Debit | Credit |
| Dec 31 | Interest receivable | 70 | |
| Interest revenue | 70 | ||
| (14,000*6%*30/360) | |||
| Jan 15 | Cash | 14,105 | |
| Interest receivable | 70 | ||
| Interest revenue | 35 | ||
| Notes Receivable | 14,000 |
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