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Prepare the journal entries for anderson company

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Reference no: EM132556633

Question - On December 1, Anderson Company received Walker Company's $8,400, 120-day, 8% note receivable in settlement of a past due account.

At the end of the fiscal year, on December 31, Anderson Company accrued interest on the note.

Required - Prepare the journal entries for Anderson Company on December 1 and December 31.

Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

Reference no: EM132556633

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