Accounting for notes receivable and accruing interest, Accounting Basics

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Accounting for notes receivable and accruing interest

Question: Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2016.

Requirements: 1. Determine the maturity date and maturity value of each note.

2. Journalize the entries to establish each Note Receivable. Include a single adjusting entry on December 31, 2016, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required.

3. Journalize the collection of principal and interest at maturity on the three notes. Explanations are not required.

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Accounting Basics: Accounting for notes receivable and accruing interest

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Accounting Basics: Accounting for notes receivable and accruing interest

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