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On December 1, 2020, Rivers, Inc. lends $150,000 to its CEO in exchange for a 5%, 3-month note receivable. Rivers properly accrues interest of $625
On December 1, 2020, Rivers, Inc. lends $150,000 to its CEO in exchange for a 5%, 3-month note receivable. Rivers properly accrues interest of $625 on the note at its year-end, December 31, 2020. What are the journal enties to record the collection of the interest and principle on the note's maturity date, March 1, 2021? View transaction list Journal entry worksheet Prepare the journal entry to record the receipt of interest on the note's maturity date. Note: Enter debits before credits. S.No/Date Account Title Debit Credit 03/01/2021 Record entry Clear entry View general journal On December 1, 2020, Rivers, Inc. lends $150,000 to its CEO in exchange for a 5%, 3-month note receivable. Rivers properly accrues interest of $625 on the note at its year-end, December 31, 2020. What are the journal enties to record the collection of the interest and principle on the note's maturity date, March 1, 2021? View transaction list Journal entry worksheet Prepare the journal entry to record the receipt of interest on the note's maturity date. Note: Enter debits before credits. S.No/Date Account Title Debit Credit 03/01/2021 Record entry Clear entry View general journal
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