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pishuonlain [190]
3 years ago
12

On September 15, 2021, Oliver's Mortuary received a $7,200, nine-month note bearing interest at an annual rate of 8% from the es

tate of Jay Hendrix for services rendered. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2021
Business
1 answer:
Sphinxa [80]3 years ago
4 0

Answer: PLease see answer below

Explanation:

Date Account title and explanation Debit Credit

Dec 31   Interest receivable                           $168  

2021             Interest revenue                                                 $168

Calculation

Interest =Principal x time x rate

= 7,200 x 8% x 3.5 /12(15th september to 31st December)

=$168

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