Respuesta :
Answer:
Explanation:
The journal entries are shown below:
a. Notes receivable A/c Dr $8,000
To Accounts receivable $8,000
(Being receipt of note is recorded)
b. Interest receivable A/c Dr $80
To Interest revenue A/c $80
(Being accrued interest is recorded)
The computation of accrued interest is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $8,000 × 6% × (2 months ÷ 12 months)
= $80
The 2 months is calculated from November 30 to December 31
c. Cash A/c Dr $240
To Interest receivable $80
To Interest revenue $160
(Being cash received in respect of interest accrual is recorded)
The computation of accrued interest is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $8,000 × 6% × (4 months ÷ 12 months)
= $160
The 4 months is calculated from November 30 to April 30
d. Cash A/c Dr $10,200
To Notes receivable A/c $10,200
(Being the receipt of the payment is recorded)
RecRoom Equipment Company: Journal Entries are as follows:
Journal Entries:
a. November 1:
Debit Notes Receivable $8,000
Credit Accounts Receivable $8,000
To record the note receivable in settlement of outstanding balance.
b. December 31:
Debit Interest Receivable $80
Credit Interest Revenue $80
($8,000 x 6% x 2/12)
To record the interest accrued.
c. April 30:
Debit Cash $240
Credit Interest Receivable $80
Credit Interest Revenue $160
To record the receipt of the interest on maturity.
d. April 30:
Debit Cash $8,000
Credit Notes Receivable $8,000
To record the receipt of the principal repayment.
Data Analysis:
a. November 1: Notes Receivable $8,000 Accounts Receivable $8,000
b. December 31: Interest Receivable $80 Interest Revenue $80 ($8,000 x 6% x 2/12)
c. April 30: Cash $240 Interest Receivable $80 Interest Revenue $160
d. April 30: Cash $8,000 Notes Receivable $8,000
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