Professional Enterprises sells on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2010, Professional completed these transactions:

Requirement 1. Record the transactions in Professional Enterprises’ journal.

Transcribed Image Text:

Mar 29 Aug 1 Sold goods on account to Montclair, Inc., $21,000. 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.