Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Young Company lends Dobson Industries $46,000 on August 1, 2020, accepting a 9- month, 9% interest note. If interest is accrued at its December 31,

image text in transcribed
Young Company lends Dobson Industries $46,000 on August 1, 2020, accepting a 9- month, 9% interest note. If interest is accrued at its December 31, 2020, fiscal year- end, what entry must Young make to record the collection of the note and interest on April 30th, 2021? (Hint: You are not asked to prepare the August 1st and/or Dec 31st journal entries but you need to think about those first.) Cash 49,105 Notes Receivable 46,000 Interest Revenue 3,105 Cash 49,105 Notes Receivable 49,105 Cash 49,105 Notes Receivable Interest Receivable Interest Revenue 46,000 1,725 1,380 Notes Receivable 46,000 Interest Revenue 3,105 Cash 49.105

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IRS Audit Protection And Survival Guide Bars And Restaurants

Authors: Gerald F. Bernard, Daniel J. Baran

1st Edition

0471166375, 978-0471166375

More Books

Students also viewed these Accounting questions

Question

2. Identify conflict triggers in yourself and others

Answered: 1 week ago