Question

Professional Enterprises sells on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2013, Professional completed these transactions:
Mar 29 Sold goods on account to Montclair, Inc., $21,000.
Aug 1 Received a $21,000, 60-day, 5% note from Montclair, Inc., in satisfaction of its past-due account receivable.
Sep 30 Collected the Montclair, Inc. note at maturity.
Requirement
Record the transactions in Professional Enterprises’ journal.


$1.99
Sales0
Views37
Comments0
  • CreatedJuly 08, 2015
  • Files Included
Post your question
5000