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On August 1, 2024, a company lends cash and accepts a $10,000 note receivable that offers 4% interest and is due in nine months.
On August 1, 2024, a company lends cash and accepts a $10,000 note receivable that offers 4% interest and is due in nine months. How would the company record the year-end adjusting entry to accrue interest in 2024? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Transaction A. B. C. D. Account Title Interest Revenue Interest Receivable Interest Receivable Interest Revenue Interest Receivable Interest Revenue Interest Receivable Debit 209 Credit 209 400 400 209 209 167 Interest Revenue 167
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Answer To calculate the interest to be accrued at the end of 202...
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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
