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Grace [21]
3 years ago
7

QS 7-13 Note receivable interest and maturity LO P4 On December 1, Daw Co. accepts a $36,000, 45-day, 10% note from a customer.

(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
Business
1 answer:
asambeis [7]3 years ago
6 0

Answer and Explanation:

The journal entries are shown below:

1. Interest Receivable $300($36,000 ×  10% x 30 ÷ 360)  

         To Interest Revenue $300

(Being accrued interest revenue is recorded)

2. Cash $36,450

          To Interest Receivable A/c $300

          To Interest Revenue A/c $150 ($36,000 ×  10% x 15 ÷ 360)    

          To Notes Receivable A/c $36000

(Being note maturity date it is honoured is recorded)

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As you may know, Starbucks is in a battle with McDonald’s to capture the early morning coffee customer. Last month, our location
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2) The <em>P->O expectancy</em> is related to rewards, and it states that employees will get motivated if the desired performance will result in a reward. In this case, Emma's putting the goal (10% increased sales) in direct relation with a reward.

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Snezhnost [94]
Hey there,

Getting the first job would probably be the hardest. So the answer is C.

Hope this helped, have a great day :)
6 0
3 years ago
Read 2 more answers
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