Question
You are the accountant for Speedy Transmission Repair Company. The Company completed the following transactions: October 1, 2018 Provided services for a customer, Jane Smith,
You are the accountant for Speedy Transmission Repair Company. The Company completed the following transactions: October 1, 2018 Provided services for a customer, Jane Smith, for $30,000 on account with terms of 2/15,n/30. November 1, 2018 Jane Smith has not paid her account. Speedy Transmission Repair Company accepted a 3 month, 9% note receivable from Jane Smith to settle its account receivable. December 31, 2018 Accrued interest on note from Jane Smith. January 31, 2019 Speedy Transmission Repair Company received the full amount due from Jane Smith including interest. Required: Prepare journal entries for the above transactions. Round to the nearest dollar.
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