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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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