Explain the principal plus interest on the chamber note, Accounting Basics

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Explain the principal plus interest on the chamber note

2015 May 1 Received a $9,000, 12 months, 10% note in exchange for Mark Chambers outstanding accounts receivable.

Dec. 31 Accrued interest on the Chamber note.

Dec. 31 Closed the interest revenue account.

2016 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2016.)

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Accounting Basics: Explain the principal plus interest on the chamber note

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Accounting Basics: Explain the principal plus interest on the chamber note

Reference No:- TGS0697911

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Find the distance of the shooter to the target

Q : What is the budgeted costs for the coming year

Q : Complete the companys planning budget for august

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Q : Explain the principal plus interest on the chamber note

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Explain the principal plus interest on the chamber note

Reference No:- TGS0697911

Recent Questions Asked Accounting Basics

Q : Find the distance of the shooter to the target

Q : What is the budgeted costs for the coming year

Q : Complete the companys planning budget for august

Q : Prepare a schedule of completed jobs

Q : Explain the principal plus interest on the chamber note

Q : Describe the amount recorded as the cost

Q : What is the ph of the given solution

Q : Explain the internal control procedures for the clubs fund

Q : Distance travel problem

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