Question

On April 1, Fly Corporation accepted cash of $15,000 and a six-month, 6%, $75,000 interestbearing note from Gonzo, Inc., as settlement of an account receivable. Fly has a fiscal year end of June 30, and Gonzo paid the principal and the interest at maturity.
Required
Identify the note's maker and payee and prepare all appropriate journal entries from the acceptance of the note to the maturity date.


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  • CreatedJuly 16, 2015
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