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Journalizing note receivable transaction Hot Heat Steam Cleaning performs services on account. When a customer account becomes four month old, Hot Heat converts the account

Journalizing note receivable transaction

Hot Heat Steam Cleaning performs services on account. When a customer account becomes four month old, Hot Heat converts the account to a note receivable. During 2013, the company completed the following transaction:

Apr.28

Performed service on account for Sinclair Club, $18,000

Sep.1

Received an $18,000, 60-day, 9% note from Sinclair Club in satisfaction of its past-due account receivable

Oct.31

Collected the Sinclair Club note at maturity

Record the transaction in Hot Heats journal

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