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Demir Financial Services loaned Sharp Inc. $100,000 cash in exchange for a one-year, 4% note on July 1, 2024. Interest is payable quarterly beginning on
Demir Financial Services loaned Sharp Inc. $100,000 cash in exchange for a one-year, 4% note on July 1, 2024. Interest is payable quarterly beginning on October 1, 2024. Demir has a December 31 year end and records adjusting entries annually. Record Demirs entries related to the note on July 1 and October 1, 2024. What amount of Interest Revenue did you record on Oct 1
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Connect For Financial Accounting
Authors: Author
6th Edition
1264140304, 9781264140305
