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Prepare the journal entries for perez company

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Reference no: EM132556541

Question - On November 1, Perez Company received Smith Company's $9,900, 75-day, 16% note receivable in settlement of a past due account.

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

Required - Prepare the journal entries for Perez Company on November 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: EM132556541

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