Question on notes receivable journal entries

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Reference no: EM1356054

On December 31, 2008, Menachem Inc. rendered services to Begin Corporation at an agreed price of $91,844.10, accepting $36,000 down and agreeing to accept the balance in four equal installments of $18,000 receivable each December 31. An assumed interest rate of 11% is imputed.

Prepare the entries that would be recorded by Menachem Inc. for the sale and for the receipts and interest on the following dates. (Assume that the effective interest method is used for amortization purposes.)

A. December 31, 2008
B. December 31, 2009
C. December 31, 2010
D. December 31, 2011
E. December 31, 2012

Reference no: EM1356054

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