Snow Attempt History Current Attempt in Progress On November 1, 2021, Penny Worth Inc. accepted a...

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Snow Attempt History Current Attempt in Progress On November 1, 2021, Penny Worth Inc. accepted a three-month, 8%, $61,200 note from Cato Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies' year ends are December 31. (a) Your answer is partially correct. Prepare all journal entries for Penny Worth over the term of the note. Assume that the note is collected in full on the maturity date. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Type here to search Account Titles and Explanation Debit 9C Cloudy Cred Snow Attempt History Current Attempt in Progress On November 1, 2021, Penny Worth Inc. accepted a three-month, 8%, $61,200 note from Cato Inc. in settlement of its account. Interest is due on the first day of each month, starting December 1. Both companies' year ends are December 31. (a) Your answer is partially correct. Prepare all journal entries for Penny Worth over the term of the note. Assume that the note is collected in full on the maturity date. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Type here to search Account Titles and Explanation Debit 9C Cloudy Cred