Portage Planners accepted a $12,900 note receivable from M. Bonicalzi in settlement of an old account receivable.
Question:
October 2, 2016, and was due in four months.
1. What is the journal entry on Portage Planners' books on October 2, 2016?
2. Assume that Portage Planners' year end is December 31. How much interest revenue is accrued on December 31, 2016?
3. What is the amount of interest revenue in 2017?
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1 General Journal DATE ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT ...View the full answer
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