Question
2. On May 1, 2012, a company lends $100,000 to one of its main suppliers and accepts a 12-month, 6% note. Record the acceptance of
2. On May 1, 2012, a company lends $100,000 to one of its main suppliers and accepts a 12-month, 6% note. Record the acceptance of the note on May 1, 2012, the adjustment on December 31, 2012, and the cash collection on May 1, 2013.
AACSB: Analytic AICPA: Measurement Bloom's: Analysis Difficulty: Hard Learning Objective: 05-07 Apply the procedure to account for notes receivable; including interest calculation.
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Frank Woods Business Accounting Volume 1
Authors: Alan Sangster, Frank Wood
13th Edition
1292084669, 9781292084664
