Following are selected transactions Deshawn Company for 2010.
Dec. 13 Accepted a $10,000, 45-day, 8% note dated
December 13 in granting Latisha Clark a time extension on her past-due
account receivable.
31 Prepared an adjusting entry to record the accrued interest on the Clark note.
Required:
Prepare journal entries for the above transactions. (Use a 360-day year for interest calculation.
