Journal entry
Not what you're looking for?
Prepare the entry to record the interest earned. Prepare the journal entry to record collection of the note and interest at maturity.
Agrico, Inc., accepted a 10-month, 13.8% (annual rate), $4,500 note from one of its customers on June 15; interest is payable with the principal at maturity.
Prepare the entry to record the interest earned by Agrico during its fiscal year ended October 31. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
General Journal Debit Credit
Agrico, Inc., accepted a 10-month, 13.8% (annual rate), $4,500 note from one of its customers on June 15; interest is payable with the principal at maturity.
Prepare the journal entry to record collection of the note and interest at maturity. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Purchase this Solution
Solution Summary
The solution explains the journal entries for interest earned and to record collection of the note and interest at maturity.
Purchase this Solution
Free BrainMass Quizzes
Business Ethics Awareness Strategy
This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media