Professional Enterprises sells on account. When a customer account becomes four months old, Professional converts the account

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Professional Enterprises sells on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2013, Professional completed these transactions:

Mar 29 Sold goods on account to Montclair, Inc., $21,000.

Aug 1 Received a $21,000, 60-day, 5% note from Montclair, Inc., in satisfaction of its past-due account receivable.

Sep 30 Collected the Montclair, Inc. note at maturity.

Requirement

Record the transactions in Professional Enterprises’ journal.

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Financial Accounting

ISBN: 978-0132889711

1st Canadian Edition

Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper

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Question Posted: Jul 08, 2015 02:34 AM

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Professional Enterprises sells on account. When a customer account becomes four months old, Professional converts the account

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Journal DATE ACCOUNTS AND EXPLANATIONS POST REF DR CR 2013 March 29 Accounts...View the full answer

Financial Accounting

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