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Question 12 (4 points) Zee Company accepts a $7,000 four-month 3% note receivable in settlement of an account receivable on June 1. Interest is
Question 12 (4 points) Zee Company accepts a $7,000 four-month 3% note receivable in settlement of an account receivable on June 1. Interest is to be paid at maturity. The company's year end is December 31. Required: a. Record the issue of the note on June 1 b. Record the journal entry on October 1 assuming the note is dishonored but eventual collection is expected. Paragraph B I UA GENERAL JOURNAL DATE ACCOUNT TITLES +v DEBIT CREDIT
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College Accounting Chapters 1-27
Authors: James A. Heintz, Robert W. Parry
22nd Edition
130566616X, 978-1305666160
