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I need help to understand how they got the 811 for the last part. I'm having trouble getting the interest revenue. All the info is
I need help to understand how they got the 811 for the last part. I'm having trouble getting the interest revenue. All the info is there.
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Oct 1: Loaned $46,000 cash to Starburst Co, on a one-year, 6% note. (Enter debits first, then credits. Explanations are not require Date Accounts and Explanations Debit Credit Oct 1 Note Receivable Starburst Co. 46,000 Cash 46.000 Nov 3. Performed service for Jacob Corporation, receiving a 90-day, 7% note for $10,000 Date Accounts and Explanations Debit Credit Nov 3 Note Receivable Jacob Corporation 10,000 Service Revenue Dec 16 Received a $2,000 six-month, 12% note on account from A-One, Inc Date Accounts and Explanations Debit Credit Dec 16 Note Receivable A-One Inc. 2,000 Accounts Receivable A-One Inc. 2,000 Dec 31 Accrued interest revenue for the year. (Round each answer to the nearest whole dollar before adding all three company's int note is expressed in days, use days as the base for calculating interest.) Date Accounts and Explanations Debit Credit Dec 31 Interest Receivable Interest Revenue 10,000 1811
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