NOT SURE IF THE ANSWERS I HAVE SO FAR ARE CORRECTED... ...
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NOT SURE IF THE ANSWERS I HAVE SO FAR ARE CORRECTED...
On April 1, 2019, Tabor Co. received an $7,800 note from a customer in settlement of an $7,800 account receivable from that customer. The note bore interest at the rate of 16% per annum, and the note plus interest was payable March 31, 2020. Required: Use the horizontal model to show the effects (+ for addition and - for subtraction) of each of these transactions and adjustments: a. Receipt of the note on April 1, 2019. b. The accrual of interest at December 31, 2019. c. The collection of the note and interest on March 31, 2020. Amount a. b. Transaction Note receivable Accounts receivable Interest receivable Interest revenue Cash Note receivable Interest receivable Interest revenue Type of financial statement Balance sheet Balance sheet Balance sheet Income statement Balance sheet Balance sheet Balance sheet Income statement Accounts Assets Assets Assets Revenues Assets Assets Assets Revenues C
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