Financial Act Chpt 8 Notes

33112 debit interest receivable 150 credit interest

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Unformatted text preview: any make (assuming the debtor pays them)? 3/31/12: Debit: Interest Receivable $150 Credit: Interest Revenue $150 Then: Debit: Cash $10,300 Credit: Interest Receivable $300 Credit: Notes Receivable $10,000 If the note is dishonored (not paid at maturity), then covert the note plus interest to an accounts receivable: Debit: Accounts Receivable $10,300 Credit: Notes Receivable $10,000 Credit: Interest receivable $300 Other Receivables: A non-trade receivable comes arises from other transactions not related to the sale of merchandise or services, but company still has right to receive cash in the future (Ex. Travel advances, employee loans, interest receivable, dividends receivable, etc.) 52...
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This note was uploaded on 01/23/2014 for the course ACG 2021 taught by Professor Linkovich during the Spring '08 term at University of South Florida.

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