E5-45B. (Learning Objective 4: Recording notes receivable and accruing interest revenue) Record the following note receivable transactions

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E5-45B. (Learning Objective 4: Recording notes receivable and accruing interest revenue)

Record the following note receivable transactions in the journal of Celtic Realty. How much interest revenue did Celtic 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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E5-45B. (Learning Objective 4: Recording notes receivable and accruing interest revenue) Record the following note receivable transactions in the journal of Celtic Realty. How much interest revenue...
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E5-45B. (Learning Objective 4: Recording notes receivable and accruing interest revenue) Record the following note receivable transactions

Question:

Apr. 1 Jun. 6 16 30 one-year 10% note. Loaned $18,000 cash to Boyle Denvers on a Performed service for Pot Masters, receiving a 90-day, 8% note for $15,000. Received a $4,000, 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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