Question
On December 21, 20X6, Shaw Company accepted from Bogner a $10,000, 90-day, 8% note in lieu of an existing $10,000 account receivable.Shaw Company's fiscal year-end
On December 21, 20X6, Shaw Company accepted from Bogner a $10,000, 90-day, 8% note in lieu of an existing $10,000 account receivable.Shaw Company's fiscal year-end is December 31.What journal entry, if any, should Shaw Company record on December 31, 20X6?
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Managerial Accounting
Authors: James Jiambalvo
6th edition
9781119158226, 111915801X, 1119158222, 978-1119158011
