February 22, 2017

Homework Help: accounting

Posted by Q on Saturday, November 13, 2010 at 7:43pm.

Derm Travel Agency accepted a four-month, 9% interest rate, 52.000 note from
one otits customers on May 1, 2008. The entire balance is payable at the
notes maturity.
Prepare the May 31 adjusting journal entry related to this note.

Do I debit cash and interest receivable; and credit interest revenue.

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