Agrico inc accepted a 10-month 13 annual rate 4050 note, Ask an Expert

Accounting

Agrico, Inc., accepted a 10-month, 13% (annual rate), $4,050 note from one of its customers on May 15, 2016; interest is payable with the principal at maturity.

Required:

a-1. Prepare the horizontal model to record the interest earned by Agrico during its year ended December 31, 2016. (Use amounts with + for increases and amounts with – for decreases.)

a-2. Prepare the journal entry to record the interest earned by Agrico during its year ended December 31, 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)

b-1. Prepare the horizontal model to record collection of the note and interest at maturity. (Use amounts with + for increases and amounts with – for decreases.)

b-2. Prepare the journal entry to record collection of the note and interest at maturity. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to 2 decimal places.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92039397

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