Essay
Prepare journal entries for the following transactions:
a. On November 1, Year 1, Slotkin Co. received a $1,000 note receivable with a 90-day maturity and a 12% interest rate in exchange for an outstanding account receivable of the same face amount.
b. Assume Slotkin Co. closes its books on a monthly basis. Prepare any adjusting journal entries necessary at November 30, Year 1.
c. Prepare any adjusting journal entries necessary at December 31, Year 1.
Correct Answer:
Verified
Correct Answer:
Verified
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