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On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare...

On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer.

  1. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31.
  2. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.)
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Answer #1

Ans particulars Debit Credit Dec 31 $ 5o Interest deceivable ($l900x67*30) 360 $ so To Interest xrenue record accrued interes

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