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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 $10,200. In payment
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,200. 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.) Answer is not complete. No General Journal Credit Date March 01 Debit 10,200 1 Notes Receivable Service Revenue X 10,200 2 September 01 10,608 N Cash Notes Payable Interest Revenue 10,200 408 On March 1, Terrell & Associates provides legal servicesto Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,700. In payment for the services, Whole Grain Bakery signs a 10% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) X Answer is not complete. No Date General Journal Debit Credit 1 March 01 X 10,700 Legal Fees Expense Notes Payable 10,700 2 September 01 10,700 X Notes Payable Interest Expense Cash 535 X 11,235
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