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3 years ago

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On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complain

ts. Legal services total $10,900. In payment for the services, Whole Grain Bakery signs a 10% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required:

For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.

1 answer:

zzz [600]3 years ago

6 0

Answer:

March 1

Dr Notes Receivable $10,900

Cr Service Revenue $10,900

September 1

Dr Cash $11,390

Cr Notes Receivable $ 10,900

Cr Interest Revenue $490

Explanation:

March 1

Dr Notes Receivable $10,900

Cr Service Revenue $10,900

(Provide legal services and accept note)

September 1

Dr Cash $11,390

Cr Notes Receivable $ 10,900

Cr Interest Revenue $490

(Receive cash on note receivable and interest)

(Interest revenue = $10,900 x 9% x 6/12) =490.5

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