G Skysong, Inc. lends Concord industries $40800 on August 1, 2022, accepting a 9-month, 9% interest note. If Skysong, Inc. accrued interest at its December 31, 2022 year-end, what entry must it make to record the collection of the note and interest at its maturity date

May 1 2022  Cash                         435540 Dr    

                         Notes Receivable       408000 Cr

                         Interest Revenue          12240 Cr

                        Interest Receivable        15300 Cr

Explanation:

The interest revenue for 5 months was already recorded on 31 december against an interest receivable account that has a balance of 5 months of interest due.

The interest on note for 9 month period is = 408000 * 0.09 * 9/12 = $27540

The 5 month interest recorded on 31 december is 408000 * 0.09 * 5/12 = 15300

Thus, the interest revenue to be recorded on May 1 will be 4 months interest that is 27540 - 15300 = 12240

looks

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it