50.1K

Verified Solution

Link Copied!

On December 1, Klien Corporation accepted a 120-day, 6%, $14,600 note receivable from J. Silverthorn in exchange for his account receivable.

1.	Journalize the transaction on December 1.
2.	Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar.
3.	Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar.

Date		Accounts and Explanation	Debit	Credit
Dec.	1

Requirement 2. Journalize the adjusting entry needed on

December

31 to accrue interest revenue. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a

365-day

year.)

Date		Accounts and Explanation	Debit	Credit
Dec.	31

Requirement 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a

365-day

year.)

Date Accounts and Explanation Debit Credit Dec. 1 Requirement 2. Journalize the adjusting entry needed on December 31 to accrue interest revenue. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 3. Journalize the collection of the principal and interest at maturity. Specify the date. Round to the nearest dollar. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. For notes stated in days, use a 365-day year.) Date Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question.

Answer & Explanation Solved by verified expert

See Answer