Ch7. Video 16 - Notes Receivable example

The video tutorial explains how to journalize loan transactions between Kilo and Lima Company, focusing on interest calculations and journal entries. It covers three examples: a nine-month note crossing fiscal years, a nine-month note within a single year, and a 90-day note using day-based interest calculations. The tutorial emphasizes the importance of adjusting entries at year-end and recognizing interest revenue.

What new insight or understanding did you gain from this video?