Question
This is two questions. The first question is just to fill in the blanks. The second question has 4 parts . I will type each
This is two questions. The first question is just to fill in the blanks. The second question has 4 parts. I will type each part of the second question here as well.
For the second question:
1)Record the receipt of a note on November 1 for $10,200 to settle an outstanding accounts receivable balance of a customer.
2)Record the interest accrued on the note as of December 31.
3)Record the receipt of the interest on the note?s maturity date.
4)Record the receipt of the payment for the full principal.
I have also updated a chart of all possible accounts.
val ue: '35\" points NIB10 Using the Interest Formula to Compute Interest [LO 8-3] Complete the following table by cemputing the missing ameunts fer the tellewing independent cases. {Do not round intermediate calculations. Round "Annual Interest Rate" to 1 decimal place} l h. s sauna Elmdnths|$ 4353 I c. | 10.5 I12menths$ LieFa value: 034 points rue12 Recording Note Receivable Transactions [LB 8-3] RecRoom Equipment Companv received an $10,200, six-month, 5 percent note to settle an $10,200 unpaid balance owed by a customer. a. The note is accepted by RecRoom on November 1, causing the company to increase its Notes Receivable and decrease its Accounts Receivable. b. RecRoom adjusts its records for interest eamed to its December 31 1,rearend. c. RecRoom receives the interest on the note's maturity date. d. RecRoom receives the principal on the note's maturity date. Prepare joumal entries to record the above transactions for RecRoom. {If no entry is required for a transaeonlevent. select "Ho Journal Entry Required" in the rst aooount eld. Do not round intermediate calculations.lr view tran saeb'on list view general journal Journal Entry Worksheet E] E] Record the receipt of a note on November 1 for $10,200 to settle an outstanding accounts receivable balance of a customer. ="Enter debits before credits (:m-emStep by Step Solution
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