Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help me get the correct numbers to plug in . QS 7 - 1 4 ( Algo ) Note receivable honored LO P 4 On

Help me get the correct numbers to plug in. QS 7-14(Algo) Note receivable honored LO P4
On August 2, Jun Company receives a $6,400,90-day, 14.0% note from customer Ryan Albany as payment on his $6,400 account receivable.
Prepare Jun's journal entry assuming the note is honored by the customer on October 31 of that same year. Note: Do not round intermediate calculations. Round your answers to nearest whole dollar value. Use 360 days a year.
Answer is complete but not entirely correct.
\table[[No,Date,General Journal,,Debit,Credit],[1,October 31,Cash,(1),6,560,],[12,y,Notes receivable-R. Albany,2,,6,400],[?bar(7),,Interest revenue,,,160x
image text in transcribed

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

Step: 3

blur-text-image

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

Accounting For Managers A Business Decision Guide

Authors: Steven Mark Bragg

2nd Edition

1938910680, 9781938910685

More Books

Students also viewed these Accounting questions