Shostak showed the following details regarding its notes receivable: Round calculations to the nearest whole cent Required
Question:
Shostak showed the following details regarding its notes receivable:
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Round calculations to the nearest whole cent
Required
For each note:
a. Determine the maturity date.
b. Calculate the days of accrued interest, if any, at December 31, 2014, Shostak's year-end.
c. Calculate the amount of accrued interest, if any, at December 31, 2014.
For Note 4:
d. Prepare the entry to record the accrued interest at December 31, 2014.
e. Prepare the entry to record the collection on the maturity date. Assume that interest and principal are collected at maturity.
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a b c Days of Accrued Interest Maturity Accrued Interest at Interest at Dec 31 Note Date of Note Pri...View the full answer
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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