E7-39B. Accounting for notes receivable (Learning Objective 6) 15-20 m Professional Enterprises sells on account. When a customer a four months old, Professional converts the account to a note receivable 2010, Professional completed these transactions: During 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 Collected the Montclair, Inc., note at maturity. Mar 29 Aug 1 Sep 30 Requirement 1. Record the transactions in Professional Enterprises' journal