Portage Planners accepted a $12,900 note from M. Bonicalzi in settlement of an old account receivable. The

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Portage Planners accepted a $12,900 note from M. Bonicalzi in settlement of an old account receivable. The 4 percent note was dated October 1, 2022, and was due in 4 months.

1. What is the journal entry on Portage Planners’ books on October 1, 2022?

2. Assume that Portage Planners’ year end is December 31. How much interest revenue is accrued on December 31, 2022?

3. What is the amount of interest revenue in 2023?

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Horngrens Accounting Volume 1

ISBN: 9780136889373

12th Canadian Edition

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura

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Question Posted: May 15, 2023 09:17 AM

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Portage Planners accepted a $12,900 note from M. Bonicalzi in settlement of an old account receivable. The

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1 On October 1 2022 the journal entry on Portage Planners books would be Debit Notes Rece...View the full answer

Horngrens Accounting Volume 1

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