Question
Take me to the text On February 1, 2023, the Success Company accepted a six-month note receivable as an extension of time for a balance
Take me to the text On February 1, 2023, the Success Company accepted a six-month note receivable as an extension of time for a balance of $15,000 owing from Summit Company. The note has an annual interest rate of 8%. Success Company has a June 30 year end. Required a) Prepare the journal entry for Success Company when the note is signed. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Feb 1 Notes Receivable Accounts Receivable To convert accounts receivable to a note receivable res thet SHAL p b) Prepare the journal entry for the year-end adjustment. Round your answers to 2 decimal places. Date Jun 30 Account Title and Explanation Interest Receivable Interest Revenue To accrue interest at year end 15000 Debit Debit c) Summit Company honors the note. Prepare the journal entry-upon paym 15000 Credit Credit Incorrect Mark 0,00 out of 1,00 Qu
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