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ASHA 777 [7]
2 years ago
15

On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare J

un's journal entry assuming the note is honored by the customer on October 31 of that same year. (Round your answers to nearest whole dollar value. Use 360 days a year.)
Business
1 answer:
Likurg_2 [28]2 years ago
3 0

Answer:

Oct 31

Dr Cash $7,201

Cr Notes receivable—R. Albany $7,000

Cr Interest revenue $201

Explanation:

Preparation of Jun's journal entry assuming the note is honored by the customer on October 31, of that same year

Oct 31

Dr Cash $7,201

($7,000+$201)

Cr Notes receivable—R. Albany $7,000

Cr Interest revenue $201

(11.5%*7,000*90/360)

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