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On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,500. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 Date March 01 General Journal Notes Receivable Cash 2 September 01 Cash Notes Receivable Interest Revenue *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Debit Credit 10,500 10,500 10,920 10,500 420
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