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I did all my other parts and cant figure out this entire Part 2. Please fill out the entire Part 2 as I dont understand
I did all my other parts and cant figure out this entire Part 2. Please fill out the entire Part 2 as I dont understand it thanks!
Part 2: Notes Receivable 5) On August 1, 2017, Aquila Inc. lends $64,000 to Big Dipper Co. for 6 months. What journal entry does Aquila Inc. record for this transaction? 08/01/2017 6) (Continuation of question 5). The Note Receivable is established with a 3% annual interest rate, and the terms of the note states that the principal and interest will be due and paid on February 1, 2018. What adjusting journal entry is needed to accrue interest revenue earned for 2017 before Big Dipper Co. prepares financial statements on December 31, 2017? 12/31/2017 7) (Continuation of question 5 & 6). On February 1, 2018, Big Dipper Co. pays all principal and interest owed to Aquila Inc. Write the journal entry (from the viewpoint of Aquila Co.) to record the collection. 02/01/2018Step by Step Solution
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