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Journal entry

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.)

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Solution Summary

The solution explains the journal entries for interest earned and to record collection of the note and interest at maturity.

$2.19