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Hello, I need an explanation on how to figure out the missing values for the cash account and interest revenue account ? Mario issued a
Hello, I need an explanation on how to figure out the missing values for the cash account and interest revenue account ?
Mario issued a 5 month, 30% note receivable for $1,000 on November 1st. Assume that Marios year-end was December 31st, and Mario had properly recorded the adjusting entry for Interest Receivable on that date.
What is the journal entry Mario Co. will record on March 31, when the note matures ?
Date Account Debit Credit
March 31 | Cash | 0 | |
Notes Receivable | 0 | 1000 | |
Interest Receivable | 0 | 50 | |
Interest Revenue | 0 |
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