Prepare the journal entry to account for interest incurred

Reference no: EM131911474

Problem

On March 31, 2013 Rogue's Hot Rods negotiated with Tyson Motors to enter into a 1 year 8.5% Note for the Account Receivable balance outstanding. Rogue's Hot Rods is expected to make a one time payment on the outstanding balance of the Note on March 31, 2014. Assuming Tyson Motors has a December 31, year end, prepare the journal entry to account for the interest incurred on the Note Receivable.

Reference no: EM131911474

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