E5-29A. (Learning Objective 4: Recording notes receivable and accruing interest revenue) Record the following note receivable transactions

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E5-29A. (Learning Objective 4: Recording notes receivable and accruing interest revenue)

Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue did Aegean earn this year? Use a 365-day year for interest computations, and round interest amounts to the nearest dollar.

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Financial Accounting International Financial Reporting Standards Global Edition

ISBN: 9781292211145

11th Edition

Authors: Charles T. Horngren, C. William Thomas, Wendy M. Tietz, Themin Suwardy, Walter T. Harrison

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Question Posted: Sep 19, 2024 02:24 PM

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E5-29A. (Learning Objective 4: Recording notes receivable and accruing interest revenue) Record the following note receivable transactions

Question:

Sept. 1 Nov. 6 16 30 Loaned $12,000 cash to Cristy Rocker on a one-year, 8% note. Performed service for Top Masters, receiving a 90-day, 6% note for $10,000. Received a $5,000, six-month, 12% note on account from Veron, Inc. Accrued interest revenue for the year.

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Financial Accounting International Financial Reporting Standards Global Edition

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