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Current Attempt in Progress On August 1, H55 Ltd. accepted a $24,600 note from Borges Ltd. in settlement of an account receivable. The note bears
Current Attempt in Progress On August 1, H55 Ltd. accepted a $24,600 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on Septembe 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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