Question
On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated interest on a note receivable. The interest earned
On January 31, 2022, Face Masks Are Us received $4,680 as payment for two months of accumulated interest on a note receivable. The interest earned in Dec 20X1 had been correctly accrued and recorded with a Dec 31, 2021 adjusting entry.
What is the journal entry that will be made to record the receipt of the January 31 cash payment ?
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Since the interest had already been accrued and recorded ...
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
