Question
On September 1, Kennedy Company loaned $126,000, at 14% annual interest, to a customer. Interest and principal will be collected when the loan matures one
On September 1, Kennedy Company loaned $126,000, at 14% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end?
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Cost Accounting A Managerial Emphasis Revised
Authors: Charles T. Horngren, Monte Wynder, William Maguire, Rebecca Tan, Srikant Datar, Lester E. Heitger
1st Australian Edition
1442554770, 978-1442554771
