Compute the accrued interest at the end of the year

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Problem - The following is a list of outstanding notes receivable as of December 31, 20--:

Maker

Date of Note

Principal

Interest

Term

No. of Days

K. Savelin

12/15/--

$1,000

5%

60 days

16

R. Hillier

12/3/--

5,000

6

90

28

B. Miranda

11/30/--

2,800

8

90

31

R. Hansen

11/18/--

7,500

7

120

43

Required -

1. Compute the accrued interest at the end of the year.

2. Prepare the adjusting entry in the general journal.

Reference no: EM132723122

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