Question
record the following note receivable transaction in the journal of Outdoor Explore Inc. Use a 365-day count for interest calculations and round interest amount to
record the following note receivable transaction in the journal of Outdoor Explore Inc. Use a 365-day count for interest calculations and round interest amount to the nearest dollar. A couple of items have already been completed for you. Explanations are not required for your journal entries. Note: there will be unused responses when the question is complete. Aug 10 Performed services for Western Mining Inc., receiving a 6 month, 10% note for $25,000.
Dec 31 Accrued interest revenue for the year.
Feb 10 Collected the note and interest from Western Mining Inc.
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