Question

On April 1, 2010, Tropical Aquatics purchased aquariums and equipment on account, for $25,000 from Tanks in All Shapes & Sizes, Inc. On May 1, Tropical Aquatics renegotiated its debt by signing a promissory note for two months at an interest rate of 8%. Use the accounting equation to record the transactions on April 1 and May 1 for both companies. Determine the due date of the note and use the accounting equation to record the collection of the note on the books of both companies.



$1.99
Sales1
Views62
Comments0
  • CreatedSeptember 01, 2014
  • Files Included
Post your question
5000