Question
The Birch Group has the following transactions related to notes receivable during 2019. Notes Receivable include the following: Date Maker Face Value Term Interest Rate
The Birch Group has the following transactions related to notes receivable during 2019.
Notes Receivable include the following:
| Date | Maker | Face Value | Term | Interest Rate | |||||
| Oct. 1 | Lauralie, Inc. | $16,000 | 1-yr | 10% | |||||
| Dec. 11 | Smallwood, Inc. | 6,750 | 90 days | 8% | |||||
| Dec. 16 | Lance Corp. | 6,400 | 6 months | 9% |
Accrue interest revenue as of December 31, 2019 on all notes receivable. Record your results as journal entries.
(Interest is computed using 360 days)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Complete Guide To Operational Auditing
Authors: Harry R. Reider
1st Edition
0471594199, 978-0471594192
