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Homework Answers
| Journal Entry | ||||
| Date | Account Title | Debit | Credit | |
| Jun-02 | Cash | 11791.7 | ||
| Loss from sale of receivables | 1550 | |||
| Note Receivable | 11700 | |||
| Interest Income | 91.7 | |||
| Recourse Liability | 1550 | |||
| Calculation of Interest Income : | ||||
| 1. Interest on Licata Notes = 4800$*13%*(33/360) = 57.2$ | ||||
| 2. Interest from Eagle Notes = 6900$*12%*(15/360) = 34.5$ | ||||
| Total Interest Income = 57.2+34.5 = 91.7$ | ||||
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