Daw Companys December 31 year-end unadjusted trial balance shows a $48,000 balance in Notes Receivable....
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Daw Companys December 31 year-end unadjusted trial balance shows a $48,000 balance in Notes Receivable. This balance is from one 10% note dated December 1, with a period of 45 days. Assume Daw Company does not prepare reversing entries. Prepare journal entries for December 31 and for the notes maturity date assuming it is honored. (Use 360 days a year.)
1 Record the year-end adjustment related to this note, if any.
2 Record the journal entry on the notes maturity date assuming it is honored. Assume Daw Company does not prepare reversing entries.
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