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help with the red boxes July 1 July 31 Hala Catering accepted a 5%, 3-month $8.400 note dated July 1 from VIP Productions for the
help with the red boxes
July 1 July 31 Hala Catering accepted a 5%, 3-month $8.400 note dated July 1 from VIP Productions for the balance due on account Hala Catering accrued Interest on the July 1 note from VIP Productions Collected the VIP Productions note in full. Interest was correctly accrued on July 31. August 31, and September 30. Oct. 1 Oct. 1 Assume Instead, that the note is dishonored and that no interest has been accrued. Hala Catering expects VIP Productions to eventually pay the amount owed. Prepare journal entries to record the above events: (Credit account titles are automatically indented when the amount is entered. Do not Indent manually Date Account Titles and Explanation Debit Credit July 1 Notes Receivable 8400 Accounts Receivable 8400 July 31 Interest Receivable Interest Revenue Oct. 1 Cash Notes Receivable III OMONDO DOD DODUO. Interest Receivable (To record the settlement of note) Oct 1 Accounts Receivable Notes Receivable Interest Rovence To record dishonored note) Step by Step Solution
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