A $12,000 account receivable owing from Smith Co. to Jones Inc. was converted into a 6%, 3-month
Question:
Required:
1. Prepare the entry needed to record the note receivable in Jones' accounting records.
2. Prepare the entry needed to record accrued interest on the note receivable in Jones' accounting records at December 31, 2015.
3. Record the cash received from the note in Jones' accounting records on February 1, 2016
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Related Book For
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
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