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Help me.. Prepare journal entries to record the following events: Jul. 1 Grand Company accepted a 12%, 3-month, $12,000 note dated July 1 from Lucas
Help me.. Prepare journal entries to record the following events: Jul. 1 Grand Company accepted a 12%, 3-month, $12,000 note dated July 1 from Lucas Company for the balance due on Lucas's account. Jul. 31 Grand accrued interest on the above note for the month of July. Oct. 1 Collected Lucas Company note in full. Assume interest was correctly accrued on August 31 and September 30. Oct. 1 Assume instead that the note is dishonored and that no interest has been accrued. Lucas Company is expected to eventually pay the amount owed
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