Question
Trader Rics accepted a $5,000, 10%, 90-day note dated Mar 16, from William LLC. in exchange for its past-due account receivable. Make the necessary general
Trader Rics accepted a $5,000, 10%, 90-day note dated Mar 16, from William LLC. in exchange for its past-due account receivable. Make the necessary general journal entries for Trader Rics. on Mar 16 and the June 14 maturity date, if the:
Note is held until maturity and collected in full at that time. You should have two journal entries.
DateAccount Name Debit Credit
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
17th Edition
1260247783, 978-1260247787
