On November 1 JaVale company log another company $100,000 and a 6.0 interest rat

Question

On November 1 JaVale company log another company $100,000 and a 6.0 interest rate. The note receivable plus interest will not be collecting until March 1 of the following year the company’s annual accounting period ends on December 31 the Justin entry need on December 31 is
On November 1 JaVale company log another company $100,000 and a 6.0 interest rate. The note receivable plus interest will not be collecting until March 1 of the following year the company’s annual accounting period ends on December 31 the Justin entry need on December 31 is

Explanation / Answer

Journal Date Account Title Debit Credit December . 31 Accrued Interest Income 1000 Interest Income 1000 Interest accrued till December 31 Calculation = ($100,000*6%) X2/12

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