Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash management system. Due to Harrigan's cash
Question:
Harrigan Enterprises utilizes Snoopy Systems to design and implement a cash management system. Due to Harrigan's cash management problems, it cannot currently pay for the system out of pocket. Snoopy chooses to extend a 6% note on January 1, 2019, for the $27,000 project cost.
Required:
1. Prepare Snoopy's journal entry to record the service performed on January 1, 2019.
2. Determine how much interest Snoopy will receive if the note is repaid on May 1, 2019.
3. Provide Snoopy's journal entry to record the cash received to pay off the note and interest on May 1, 2019?
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1 Journal Date Account and Explanation Debit Credit Notes Receivable 27000 Sales Revenue 27000 ...View the full answer
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