Question
Aspetar Enterprises converted an overdue account of $40,000 fromAspire Company on June 1, 2021, into a one year note receivable at 8% interest. Required 1.
Aspetar Enterprises converted an overdue account of $40,000 fromAspire Company on June 1, 2021, into a one year note receivable at 8% interest.
Required
1. Record these general journal entries for Aspetar Enterprises: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.)
- (1) The conversion of the overdue account fromAspire Company.
- (2) The adjusting entry at December 31, 2021.
- (3) The maturity and collection of the note on June 1, Year 2022.
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Fundamental Financial Accounting Concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds
10th Edition
126015940X, 978-1260159400
