Question: On April 1 2010 Tropical Aquatics purchased aquariums and equipment
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.
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