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in-one zing visuals 23 uty talks HP Tr nal widescreen HD LED display HD Webcam Corporate Finan cial Acco X gage -take&i; in.dožinvoker assignments& StakeAssign mentSession Locator assignment nments eng lmytakeAssig nment/takeAssig Calculator General Journal Noventer14 Received a 54800 00\"day9%note tom Alan Abertson in payment of his account December 31 Accrued interest on the Albertson mote February 12 Receivred the amount due from Albertsoe on his note Required he stove tranuactons for Lucte Company Refer to the Chart of Accounts for evact wording of account tes Round your anawers to General Journal Joumalice the entry for the transaction on December 31. Refer to the Chan to two decimal places Assume a 360-day year when calculiating nterest JOURNAL

Solution

Answer:

Date

Description

Debit $

Credit $

14-Nov

Note receivable

4800

Account receivable

4800

(To record the Note receivable from
Allan)

31-Dec

Interest receivable

56.4

Interest revenue

56.4

(To record the Accrued interest on
Note)

(4800*9%*47/360)=56.40

12-Fb

Cash

4908

Interest receivable (4800*43/360)

51.6

Interest revenue

56.4

Note receivable

4800

(To record the receipt of cash on
maturity)

Date	Description	Debit $	Credit $
14-Nov	Note receivable	4800
	Account receivable		4800
	(To record the Note receivable from Allan)
31-Dec	Interest receivable	56.4
	Interest revenue		56.4
	(To record the Accrued interest on Note)
	(4800*9%*47/360)=56.40
12-Fb	Cash	4908
	Interest receivable (4800*43/360)		51.6
	Interest revenue		56.4
	Note receivable		4800
	(To record the receipt of cash on maturity)