On November 19, Nicholson Company receives a $18,600, 60-day, 10% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end

Answer and Explanation:

The adjusting entry is as follows

Interest receivable Dr ($18,600 × 10% × 42 days ÷ 360 days) $217

       To Interest revenue $217

(being the interest revenue is recorded)

Here the interest receivable is debited as it increased the assets and credited the interest revenue as it also increased the revenue

The 42 days are calculated from Nov 19 to Dec 31

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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