Question $10$ of $10$

$\frac{-}{{43}^i}-=,$vdots

Sandhill Company accepts a $$26,400,$ four$-$month, $9\%$ note receivable in settlement of an account receivable on June $1,2024.$ Interest

is to be paid at maturity. Sandhill Company has a December $31$ year end and adjusts its accounts annually. $($Note: Sandhill Company

uses only one allowance account for both accounts and notes receivable.$)$

$($a$)$

Record $(1)$ the issue of the note on June $1$ and $(2)$ the settlement of the note on October $1,$ assuming the note is honoured. $($Credit

account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required,

select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record

journal entries in the order presented in the problem.$)$

Date

Account Titles

Notes Receivable

June $1$

Oct. $1$

Debit

Accounts Receivable

Notes Receivable

Credit