Question
Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $22,500, six-month, 3.0% note dated today from
Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.)
| Oct. | 31 | Accepted a $22,500, six-month, 3.0% note dated today from Leann Grimes in granting a time extension on her past-due account. |
| Dec. | 31 | Adjusted the books for the interest due on the Grimes note. |
| Apr. | 30 | Grimes honoured her note when presented for payment. |
journal entries
1- Record entry for note accepted for $22,500, for 6 months at 3.00% dated today from Leann Grimes in granting a time extension on her past-due account.
2- Record adjusting entry for the interest due on the Grimes note.
3- Record the note honored, when presented for payment.
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Fundamental Accounting Principles
Authors: Larson Kermit, Tilly Jensen
Volume I, 14th Canadian Edition
71051503, 978-1259066511, 1259066517, 978-0071051507
