Notes receivable—interest accrual and collection Agrico, Inc., accepted a 10-month, 13.8% (annual rate), $4,500 note from one of its customers on June 15; interest is payable with the principal at maturity.
Required:
a. Use the horizontal model or write the entry to record the interest earned by Agrico during its fiscal year ended October 31.
b. Use the horizontal model or write the journal entry to record collection of the note and interest at maturity.
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