What is the interest receivable and interest revenue, Financial Accounting

Assignment Help:

Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January.
Date Face Amount Term Interest Rate
5. Nov. 15 $54,000 60days 6%
6. Dec. 27 $40,500 30days 4%

Note Due Date Interest Due At Maturity
(5) Jan 14: $540
(6) Jan 26: $135


What is the Interest Receivable and Interest Revenue?


Related Discussions:- What is the interest receivable and interest revenue

Company accounts introduction, practical problems of chapter one of company...

practical problems of chapter one of company accounts

Financial information, The enhancing qualitative characteristic of understa...

The enhancing qualitative characteristic of understand ability means that information should be understood by a those who are experts int eh interpretation of financial information

Total prime cost, Interstate Manufacturing produces brass fasteners and in...

Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended: Materials and supplies used Brass

Accounting adjustment, In February, one of Team Shirts' best customers went...

In February, one of Team Shirts' best customers went bankrupt owing team shirts $85. Team shirts uses the sales method for estimating bad debts. February sales were $15,000. The ac

Illustration-statement of changes in net assets-pension fund, Illustration-...

Illustration-statement of Changes in Net Assets-pension fund (a) What meetings of creditors must be held and for what purpose in the course of a creditors’ voluntary winding up

Calculate infant mortality rate, Q. Calculate infant mortality rate? Mid...

Q. Calculate infant mortality rate? Mid year population 440000 Late fatal death          29 No. of live birth           5200 No. of infant death      423 No. of mate

Effect of additional debt finance on financial position, Q. Effect of Addit...

Q. Effect of Additional Debt Finance on Financial Position? Debt finance of $3·2m would raise gearing on a book value basis from 54% to 203% ((1167 + 3200)/2150) which is five

Versions of roi, A huge number of variations of ROT are determined in pract...

A huge number of variations of ROT are determined in practice, based upon how "Investment" and "Return" are explained "Investment" may be explained to comprise any of the subsequen

Why convertibles might be an attractive source, Q. Why convertibles might b...

Q. Why convertibles might be an attractive source of finance for companies? - Convertibles is able to provide immediate finance at lower cost since the conversion option effect

What do you mean by auditors report, Q. What do you mean by Auditors Report...

Q. What do you mean by Auditors Report? Auditors' Report - Written communication issued by an independent CERTIFIED PUBLIC ACCOUNTANT (CPA) describing the character of her or h

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd