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Tamarisk, Inc. lends Pronghorn industries $52800 on August 1, 2022, accepting a 9-month, 9% interest note. If Tamarisk, Inc. prepares its financial statements as of December 31, 2022, what adjusting entry must it make

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abiolataiwo2015

Answer:

Dr Cash 56,364

Cr Notes Receivable 52,800

Cr Interest Receivable 1,980

Cr Interest Revenue 1,584

Explanation:

Preparation for what entry must it make to record the collection of the note and interest at its maturity date

Dr Cash 56,364

($52,800+1,980+1,584)

Cr Notes Receivable 52,800

Cr Interest Receivable 1,980

Cr Interest Revenue 1,584

[52,800*9%*(3months/9 month)]

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