On July 1 West Tennessee Supply Group sold 15 000 of
On July 1, West Tennessee Supply Group sold $15,000 of supplies to Russell Research Labs in exchange for a 7 month, 8% note receivable.
Required
Assuming that West Tennessee Supply Group prepares adjusting journal entries monthly, prepare all entries necessary in July to account for the note. Ignore any effects on inventory or cost of goods sold.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help