Harper Company lends Hewell Company $40,000 on March 1st, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31st. What adjusting entry should be made before the financial statements can be prepared?© BrainMass Inc. brainmass.com June 4, 2020, 3:28 am ad1c9bdddf
Adjusting entry for Interest accrued on Note Receivable:
Date Details Debit Credit
Mar 31 Interest ...
This solution explains how to deal with an adjusting entry on a financial statement.