Question

Hot Heat Steam Cleaning performs services on account. When a customer account becomes four months old, Hot Heat converts the account to a note receivable. During 2013, the company completed the following transactions:
Apr. 28 Performed service on account for Sinclair Club, $ 18,000.
Sep. 1 Received an $ 18,000, 60-day, 9% note from Sinclair Club in satisfaction of its past-due account receivable.
Oct. 31 Collected the Sinclair Club note at maturity. Record the transactions in Hot Heat’s journal.



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  • CreatedJanuary 16, 2015
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