Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
need asap please! Young Company lends Dobson Industries $42.000 on August 1, 2020, accepting a 9-month. 9% interest note interest is accrued at its December
need asap please! Young Company lends Dobson Industries $42.000 on August 1, 2020, accepting a 9-month. 9% interest note interest is accrued at its December 31, 2020, fiscal year-end, what entry must Young make to record the collection of the note and interest on April 30th, 2021? (Hint: You are not asked to prepare the August 1st and/or Dec 31st joumal entries but you need to think about those first.) Cash 44,835 Notes Receivable 42.000 Interest Receivable 1,575 Interest Revenue 1.260 Cash 44,835 Notes Receivable 42,000 Interest Revenue 2.835 O Cash 44,835 44,835 Notes Receivable 42.000 O Notes Receivable 2.835 Interest Revenue 44,835 Cash
need asap please!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started