Solution-Prepare year-end adjusting entry to record accrued

Prepare year-end adjusting entry to record accrued interest

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Reference no: EM133068126

Question - On December 1, Daw Co. accepts a $12,000, 45-day, 7% note from a customer.

Required -

(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31.

(2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)

Reference no: EM133068126

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Prepare year-end adjusting entry to record accrued interest

Reference no: EM133068126

Reference no: EM133068126

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