Requlred Information Exercise 5.18 (Algo) Notes receivable-interest accrual and collection LO 5.6 [The following information...
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Requlred Information Exercise 5.18 (Algo) Notes receivable-interest accrual and collection LO 5.6 [The following information applies to the questions displayed below.] Husemann Company's assets include notes receivable from customers. During fiscal 2022, the amount of notes receivable averaged $45,600, and the interest rate of the notes averaged 8.9%. Exerclse 5-18 (Algo) Part b (1) b-1. If the balance in the Interest Receivable account increased by $2,900 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year? b-3. If the balance in the Interest Receivable account increased by $2,900 from the beginning to the end of the fiscal year, prepare a oumal entry to show the collection of the interest receivable collected during the fiscal year. Note: If no entry is requlred for a transaction/event, select "No journal entry requlred" In the first account fleid. Journal entry worksheet Record the cash collection of interest receivable on short-term notes. Note: Enter debits before credits
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Requlred Information Exercise 5.18 (Algo) Notes receivable-interest accrual and collection LO 5.6 [The following information applies to the questions displayed below.] Husemann Company's assets include notes receivable from customers. During fiscal 2022, the amount of notes receivable averaged $45,600, and the interest rate of the notes averaged 8.9%. Exerclse 5-18 (Algo) Part b (1) b-1. If the balance in the Interest Receivable account increased by $2,900 from the beginning to the end of the fiscal year, how much interest receivable was collected during the fiscal year? b-3. If the balance in the Interest Receivable account increased by $2,900 from the beginning to the end of the fiscal year, prepare a oumal entry to show the collection of the interest receivable collected during the fiscal year. Note: If no entry is requlred for a transaction/event, select "No journal entry requlred" In the first account fleid. Journal entry worksheet Record the cash collection of interest receivable on short-term notes. Note: Enter debits before credits 