Question
Notes Receivable and Accruing Interest Type in the DEBIT ACCOUNT with AMOUNT and the CREDIT ACCOUNT with AMOUNT 1. On October 1, 2022, loaned $45,000
Notes Receivable and Accruing Interest
Type in the DEBIT ACCOUNT with AMOUNT and the CREDIT ACCOUNT with AMOUNT
1. On October 1, 2022, loaned $45,000 cash to D. Buckley and received a 7%, 10-month note.
2. Financial statements are prepared for the year ending December 31. Prepare any necessary journal entry related to the D. Buckley note. Round to the whole dollar.
3. July 31, 2023 - Record interest earned in 2023 for this note. Round to whole dollar.
4. August 1, 2023 Received payment from D. Buckley, paying the note off in full.
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Accounting Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver
6th Edition
978-0730363415, 0730363414
