Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 12 Oct 2017 My Price 6.00

Husemann Co.

Notes receivable—interest accrual and collection Husemann Co.’s assets include notes receivable from customers. During fiscal 2013, the amount of notes receivable averaged $138,750, and the interest rate of the notes averaged 4.8%.

Required:

a. Calculate the amount of interest income earned by Husemann Co. during fiscal 2013 and show in the horizontal model or write a journal entry that accrues the interest income earned from the notes.

b. If the balance in the Interest Receivable account increased by $1,500 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year? Use the horizontal model, a T-account, or write the journal entry to show the collection of this amount.

 

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Maurice Tutor
(5)
Status NEW Posted 12 Oct 2017 11:10 AM My Price 6.00

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