On November 1, 2017, Kelemen Jewelers accepted a 3-month, 15% note for $6,000 in settlement of an overdue account receivable. The accounting period ends in December. Give the journal entry to record the accrued interest at the year end
What will be an ideal response
Interest Receivable 150
Interest Revenue 150 .Calculations: ($6,000 x 15%) x 2/12 = $150
Business
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