Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you explain to how to Accrued interest revenue on all notes receivable? WileyPLUS X - -CA A https://edugen.wileyplus.com/edugen/Iti/main.uni ... E WileyPLUS Kimmel, Accounting, 7e

Can you explain to how to Accrued interest revenue on all notes receivable?

image text in transcribed
WileyPLUS X - -CA A https://edugen.wileyplus.com/edugen/Iti/main.uni ... E WileyPLUS Kimmel, Accounting, 7e Help | System Announcements CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Unit 4 Lab Preliminary Exercise 8-11 Assignment - GB518 Exercise 8-03 Your answer is partially correct. Try again. Exercise 8-11 Exercise 9-07 Blossom Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Exercise 9-15 Problem 9-05A a-c Nov. 1 Loaned $52,200 cash to C. Bohr on a 12-month, 7% note. Dec.11 Sold goods to K. R. Pine, Inc., receiving a $1,800, 90-day, 8% note. Review Score 16 Received a $4,800, 180-day, 10% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Review Results by Study Objective Journalize the transactions for Blossom Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Nov. 1 Notes Receivable 52200 Cash 2200 Dec. 11 - Notes Receivable 1800 Sales Revenue 1800 Dec. 16 Notes Receivable 4800 Accounts Receivable 4800 Dec. 31 Interest Receivable 4448 Interest Receivable Interest Revenue 4448 Click if you would like to Show Work for this question: Open blank Show Work Copy Show Work from Previous attempt SHOW LIST OF ACCOUNTS LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Rockford Practice Set To Accompany Intermediate Accounting

Authors: Donald E. Kieso

16th Edition

1119287936, 9781119287933

More Books

Students also viewed these Accounting questions