value: 2.20 points QS 7-9 Note receivable honored LO P3 On August 2, 2015, Jun C

Question

value: 2.20 points QS 7-9 Note receivable honored LO P3 On August 2, 2015, Jun Co. receives a $6,200, 90-day, 13.0% note from customer Ryan Albany as payment on his $6,200 account. Prepare Jun's journal entry assuming the note is honored by the customer on October 31, 2015. (Use 360 days a year.) View transaction list Journal entry worksheet Record cash received on note plus interest. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Oct 31 Cash 6401.50 Notes receivable 6200 Interest revenue (6200*13%*90/360) 201.50 (To record cash receipt on note)

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