Vanderbilt Corporation, which utilizes a calendar year as its fiscal year, is the payee on a $12,000, 7%, 8-month note receivabl
e from Stanford Company on October 1st, 2016. Journalize the entry to record the receipt of payment in full on June 1, 2017.
1 answer:
Given:
Payee: Vanderbilt Corporation
Notes Receivable from Stanford Company
<span>$12,000, 7%, 8-month
Debit Credit
October 1, 2016
Notes Receivable 12,000
Cash 12,000
*to record notes receivable from Stanford Company
December 31, 2016
Interest Receivable 560
Interest Income 560
12,000 * 7% * 8/12 = 560
*to recognize interest earned but not yet received
June 1, 2017
Cash 12,560
Notes Receivable 12,000
Interest Receivable 560
*to recognize full payment on note.</span>
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