On october 1 2012 a company issued a 5 month note, Ask an Expert

Accounting

'On October 1, 2012. a company issued a 5 month note receivable to morearms inc at an annual interest rate of 16%. principle and interest will be paid at the end of the 5 months. the note was recorded in notes receivable and is the only note outstanding.'

What would be the adjusting entry for that? The note recevable was a debit for 5000 in the unadjusted trial balance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9943852

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