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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 $9,800. In payment
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,800. 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.) View transaction list Journal entry worksheet 12 Record the acceptance of the note receivable for legal services provided. Note: Enter debits before credits General Journal Debit Credit March 01 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cash received on note receivable and interest. ces Note: Enter debits before credits. General Journal Debit Credit Date September 01 Record entry View general journal
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