Accruing interest revenue and recording collection of a, Accounting Basics

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Accruing interest revenue and recording collection of a

Question: Accruing interest revenue and recording collection of a note On March 1, Kyle Corporation accepted a 60-day, 6%, $9,000 note receivable from J. Summers in exchange for his account receivable. Requirements

1. Journalize the transaction on March 1.

2. Journalize the adjusting entry needed on March 31 to accrue interest revenue.

3. Journalize the collection of the principal and interest at maturity. Specify the date.

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Accounting Basics: Accruing interest revenue and recording collection of a

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Accounting Basics: Accruing interest revenue and recording collection of a

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