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Prepare the entries for the following transactions of Delfi Company. June 1, 2019 - Accepted a $20,000, 9%, 120-day note in granting a time extension
Prepare the entries for the following transactions of Delfi Company. June 1, 2019 - Accepted a $20,000, 9%, 120-day note in granting a time extension on a past due accounts receivable of a customer, J.J. Company. Sept. 29, 2019 - Received payment from J.J. Company for principle plus interest on the June 1st note. Nov. 1, 2019 - Delfi lent Craig Incorporated $40,000 on a 90-day, 6% note. Dec. 31, 2019 - Prepare the year-end adjusting entry related to the Nov. 1 Note. Jan. 30, 2020 - Received payment from Craig Incorporated for principal plus interest on the November 1st
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