Question
A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to
A company receives interest on a $90,000, 8%, 5-year note receivable each April 1. At December 31, 2020, the following adjusting entry was made to accrue interest receivable:
Interest Receivable 5,400
Interest Revenue 5,400
Assuming that the company does not use reversing entries, what entry should be made on April 1, 2021 when the annual interest payment is received?
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Internal Control Audit And Compliance Documentation And Testing Under The New COSO Framework
Authors: Graham
1st Edition
1118996216, 978-1118996218
