Gorman Enterprises sells on account. When a customer account becomes four months old, Gorman converts the account
Question:
Jun 29 Sold goods on account to I. Happy, $10,000.
Nov 1 Received a $10,000, 60-day, 9% note from I. Happy in satisfaction of his past-due account receivable.
Dec 31 Collected the I. Happy note at maturity.
Requirement
Record the transactions in Gorman Enterprises’ journal.
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Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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