ACCT 201 1st Edition Lecture 22 Outline of Last Lecture I Exam Review Outline of Current Lecture II Interest Accural Current Lecture Example from page 409 in the textbook May 1st company X receives a promissory note 1000 two month note with 8 interest May 1 Notes Receivable 1000 Accounts Receivable A 1000 notes rec 1000 acct rec L 1000 SE Pg 410 10 000 5 month 9 note June 1st Jun 1 Notes Receivable 10 000 Acct Rec 10 000 Nov 1 Cash 10 375 Notes Pay 10 000 Interest Pay 375 A L SE 10 375 cash 10 000 N R 375 Revenue Interest Accrual June 1 4 mo Sept 30 Nov 1 Earned 300 Earned 75 Sept 30 Interest Receivable 10 000 x 9 x 4 12 300 Interest Revenue 300 These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute A L 300 int rec SE 300 int rev Nov 1 Cash 10 375 Notes Rec Interest Rev Interest Rec A Cash 10 375 Interest Rec 300 Notes Rec 10 000 L 10 000 75 300 SE 75 Revenue
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