On October 1, 2022, Nespresso sold some merchandise to Gloria Jeans Coffee for $60,000. In...
70.2K
Verified Solution
Link Copied!
Question
Accounting
On October 1, 2022, Nespresso sold some merchandise to Gloria Jeans Coffee for $60,000. In payment, Nespresso agreed to accept a 6% note requiring the receipt of interest and principal on June 30, 2023. Assume all correct adjusting entries were made at year-end, December 31, 2022. The journal entry, for Nespresso, on the collection date, June 30, 2023 would include a: $1,800 debit to interest expense $60,000 debit to note receivable $2,700 credit to interest revenue $900 credit to interest receivable $4,900 debit to interest payable
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.