In the journal provided,prepare entries for the following (assume a calendar-year accounting period): Omit explanations.
Dec. 1Received a three-month, 15 percent note receivable for from a customer as an extension of his past-due account.
31 Made the year-end adjustment for accrued interest.
Mar. 1Received full payment on the note.
Definitions:
Units
A measurement or quantity of something, often used in the context of production, sales, or inventory.
LIFO Liquidation
A situation where older inventory, costed at historical prices, is sold, possibly resulting in higher reported profits due to inflation.
Pre-tax Effect
The impact on financial results before the adjustment for taxes has been made.
Units
In accounting and financial reporting, it can refer to a measure of quantity, such as items sold or produced.
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