Question
Prepare journal entries to record the following events: Jul. 1 Klemens Company accepted a 5%, 3-month, $8,000 note dated July 1 from Mox Company for
Prepare journal entries to record the following events:
Jul. 1 Klemens Company accepted a 5%, 3-month, $8,000 note dated
July 1 from Mox Company for the balance due on Mox's account. Jul. 31 Klemens accrued interest on the above note for the month of July.
Oct. 1 Collected Mox Company note in full. Assume interest was correctly accrued on August 31 and September 30.
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Accounting
Authors: Michael J. Jones
2nd Edition
0470017791, 978-0470017791
