Exercise 8-17 Honouring a note LO4

Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.)

Oct.	31	Accepted a $23,500, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account.
Dec.	31	Adjusted the books for the interest due on the Grimes note.
Apr.	30	Grimes honoured her note when presented for payment.

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