11. On January 1, 2020, Jones Services receives a zero-interest note with a matu $10,000 and a three year maturity from Maclum Inc. for services performed. The normal rate of interest Jones Services receives on similar notes is 10%. An excerpt from a present value table is show below: a. Prepare the journal entry at receipt of the note receivable on January 1, 2020.

11. On January 1, 2020, Jones Services receives a zero-interest note with a matu $10,000 and a three year maturity from Maclum Inc. for services performed. The normal rate of interest Jones Services receives on similar notes is 10%. An excerpt from a present value table is show below: a. Prepare the journal entry at receipt of the note receivable on January 1, 2020.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...

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