Please help me with this adjusting journal entry.
on october 1, 2010 Johnny's auto salvage issued a 9-month note receivale to Goatman company
at a annuak interest rate of 10%. Principle and interest will be paid at the end of the 9-months. the note was $50,000.
What is the december 31, 2010 adjusting journal entry?Help with note receivale interest journal entry?
2010
Dec 31
Debit Interest Receivable $1,250
Credit Interest Income $1,250 ($50,000 x 10% x 3/12)
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