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Prepare necessary journal entries Following are selected transactions of PRS Company for 2017 and 2018. 2017 Dec. 15 Accepted a $12,000, 45-day, 8% note dated

image text in transcribedPrepare necessary journal entries

Following are selected transactions of PRS Company for 2017 and 2018. 2017 Dec. 15 Accepted a $12,000, 45-day, 8% note dated December 15 in granting M. Lay a time extension on her past-due account receivable. 2018 Jan. 31 Lay dishonored her note when presented for payment

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