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    shorty5456's Avatar
    shorty5456 Posts: 1, Reputation: 1
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    #1

    Oct 4, 2012, 06:00 PM
    Agrico, Inc. accepted a 10 month, 13.0%(annual rate), $4500 note from one of its because
    Agrico, Inc. accepted a 10 month, 13.8%( annuak rate), $4500 note from one of its customers on June 15 interest is payable with the principal at maturity.

    Use the horizontal model or write the entry to record the interest earned by Agrico during its fiscal year ended October 31
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    Oct 4, 2012, 06:23 PM
    Your accounts for the interest earned will be Interest Revenue and Interest Receivable(or Accounts Receivable).
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