Question
Pressley Planners accepted a $13,000 note from M. Bianchi in settlement of an old account receivable. The 6 percent note was dated November 2, 2019,
Pressley Planners accepted a $13,000 note from M. Bianchi in settlement of an old account receivable. The 6 percent note was dated November 2, 2019, and was due in four months. 1. What is the journal entry on Pressley Planners's books on November 2, 2019? 2. Assume that Pressley Planners's year-end is December 31. How much interest revenue is accrued on December 31, 2019? 3. What is the amount of interest revenue in 2020?
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Accounting Costing And Management
Authors: Riad Izhar, Janet Hontoir
2nd Edition
9780198328230
