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Following are transactions of Danica Company. Dec. 13 Accepted a $18,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account
Following are transactions of Danica Company.
| Dec. | 13 | Accepted a $18,000, 45-day, 7% note in granting Miranda Lee a time extension on her past-due account receivable. | ||
| 31 | Prepared an adjusting entry to record the accrued interest on the Lee note. |
Complete the table to calculate the interest amounts at December 31stand use the calculated value to prepare your journal entries.
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Cost And Management Accounting
Authors: Duncan Williamson
1st Edition
0132059231, 978-0132059237
