Prepare journal entries to record these selected transactions for alvarez
Prepare journal entries to record these selected transactions for Alvarez Company.
Nov. 1 Accepted a $15,000, 180-day, 7% note dated November 1 from Carlos Cruz in granting a time extension on his past-due account receivable.
Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the Cruz note.
Apr. 30 Cruz honors his note when presented for payment; February has 28 days for the current year.
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