Question

On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $11,000. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.

Required:
For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1.



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  • CreatedJuly 15, 2014
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