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Accounting Question Help with this please. Problem 8-7A (Part Level Submission) On November 1, 2018, Oak Ridge Inc. accepted a three-month, 7%, S64,800 note from
Accounting Question
Help with this please.
Problem 8-7A (Part Level Submission) On November 1, 2018, Oak Ridge Inc. accepted a three-month, 7%, S64,800 note from Pukalani Inc. in settlement of December 31. account. Interest is due on the first day of each month, starting December 1. Both companies' year ends are (a) Your answer is partially correct. Try again. Prepare all 1oumal entries for Oak Ridge over the term If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) the note. Assume that the note collected in full on the maturity date. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Debit Credit Date Account Titles and Explanation Nov. 1, 2018 Notes Receivable 64800 64800 Accounts Recelvable Dec. 1, 2018 Interest Receivable 378 Interest Revenue 378 Interest Receivable 378 Dec. 31, 2018 Interest Revenue 378 Interest Receivable 378 Jan. 1, 2019 Toterest Revenue 376 Cash Feb. 1, 2019 65934 Notes Receivable 64800 Interest Receivable 1134Step by Step Solution
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