Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

.

image text in transcribed

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

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_2

Step: 3

blur-text-image_3

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

More Books

Students also viewed these Accounting questions