Butternut Squash Company has the following two notes receivable at May 31, 2024, its fiscal year end:

Question:

1. $50,000 six-month, 6% note issued January 1, 2024.

2. $20,000 three-month, 5% note issued April 30, 2024. Interest is payable at maturity for both notes.

a. Calculate the accrued interest on both notes at May 31, 2024.

b. Prepare one adjusting entry to record the accrued interest on both notes.

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Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jul 01, 2023 06:49 AM

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Butternut Squash Company has the following two notes receivable at May 31, 2024, its fiscal year end:

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Accounting Principles Volume 1

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