These transactions took place for Glavine Co. 2013 May 1 Received a $5,000, 12-month, 6% note in
Question:
2013
May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding
account receivable from S. Rooney.
Dec. 31 Accrued interest revenue on the S. Rooney note.
2014
May 1 Received principal plus interest on the S. Rooney note. (No interest has
been accrued since December 31, 2013.)
Instructions
Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
2013 May 1 Notes Receivable 5000 Accounts ReceivableS ...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
2+ Reviews
10+ Question Solved
Related Book For 
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
