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

Periodic inventory system, Analyse the limitations of using a periodic inve...

Analyse the limitations of using a periodic inventory system and provide examples to support your view. essay type

Leverage, Evaluate the importance of leverage in financial management of a ...

Evaluate the importance of leverage in financial management of a small scale company

Discuss the interest rate parity, Below is information about the spot and f...

Below is information about the spot and forward rates for three currencies against the US dollar (USD): Currency (exchange rate) Spot Rate Six-month forward rate Euro (EUR)

Utility of Management accounting, Enumerate the scope and utility of manage...

Enumerate the scope and utility of management accounting.

History of trust-trusts laws and accounts, History of trust The followi...

History of trust The following general information should be kept with the trust documents: Summary of will or trust deed; Short history of the trust; Trustees’ nam

Breach of trust-trusts laws and accounts, BREACH OF TRUST Remedies avai...

BREACH OF TRUST Remedies available to beneficiary: Injunction, Personal action, Criminal liability. Defence of trusts: He may be relieved from liability if, in the opini

Business start up accounting transactions, Business start up accounting tra...

Business start up accounting transactions: Jane Whitfield, a sole proprietor, established the JW Flower Shop on January 2, 2010. The following transactions have occurred during

Inventory turnover, During 2014, Victoria’s Fashion had beginning inventory...

During 2014, Victoria’s Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days’ in

Illustrate the changing face of accounting, Illustrate the changing face of...

Illustrate the changing face of accounting Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons 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