Notes Receivable: interest computations and journal entries
Not what you're looking for?
Dekon Company's December 31 year-end unadjusted trial balance shows an $8,000 balance is Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare journal entries for December 31 and for the note's maturity date assuming it is honored.
Purchase this Solution
Solution Summary
The solution shows the computation of interest receivable for two accounting periods, and then lists the journal entries in proper format.
Solution Preview
At December 31, the interest receivable as of that date should be accrued for the presentation of accrual-based financial statements.
Calculations:
December 31: ...
Purchase this Solution
Free BrainMass Quizzes
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.
Social Media: Pinterest
This quiz introduces basic concepts of Pinterest social media
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.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.