Business, 26.02.2020 04:58, michelle102567

On August 1, year 1, Hampton Construction received a 9 percent, 6-month note receivable from Dusty Roads, one of Hampton Construction’s problem credit customers. Roads had owed $44,900 on an outstanding account receivable. The note receivable was taken in settlement of this amount. Assume that Hampton Construction makes adjusting entries for accrued interest revenue once each year on December 31. Record the receipt of the note on August 1 in settlement of the account receivable. Record accrued interest at December 31, year 1. Assume that Dusty Roads pays the note plus accrued interest in full. Record the collection of the principal and interest on January 31, year 2.

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On August 1, year 1, Hampton Construction received a 9 percent, 6-month note receivable from Dusty R...