Panda Distributors showed the following information regarding its notes receivable: Required For each note: a. Determine the

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Panda Distributors showed the following information regarding its notes receivable:

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Required

For each note:

a. Determine the maturity date.

b. Calculate the days of accrued interest, if any, at July 31, 2020 (Panda Distributors? year-end).

c. Calculate the amount of accrued interest, if any, at July 31, 2020.For Note 3:

d. Prepare the entry to record the accrued interest at July 31, 2020.

e. Prepare the entry to record the collection on the maturity date. Assume that both interest and principal are collected at maturity.

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Related Book For  book-img-for-question

Fundamental Accounting Principles Volume I

ISBN: 978-1260305821

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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