Question

Like New Steam Cleaning performs services on account. When a customer account becomes four months old, Like New converts the account to a note receivable. During 2016, the company completed the following transactions:
Apr. 28 Performed service on account for Java Club, $24,000.
Sep. 1 Received a $24,000, 60-day, 6% note from Java Club in satisfaction of its past-due account receivable.
Oct. 31 Collected the Java Club note at maturity.
Record the transactions in Like News journal.


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  • CreatedJune 15, 2015
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