Accounting for Notes Receivable Instructions Chart Of Accounts General Journal Instructions Saracen Systems sells voice mail...

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Accounting for Notes Receivable Instructions Chart Of Accounts General Journal Instructions Saracen Systems sells voice mail systems to small businesses. Saracen engaged in the following activities involving notes receivable: a. On October 1, Saracen sold an $7,800 system to Majors Company. Majors gave Saracen a 8-month, 8% note as payment. b. On November 1, Saracen sold a $4,200 system to Hadley Inc. Hadley gave Saracen a 10-month, 15% note as payment. c. On June 1, Majors paid the amount due on its note. d. On September 1, Hadley paid the amount due on its note. Required: Prepare the necessary journal and adjusting entries for Saracen Systems to record these transactions assuming a December 31 year end. Accounting for Notes Receivable Instructions Chart Of Accounts General Journal Instructions Saracen Systems sells voice mail systems to small businesses. Saracen engaged in the following activities involving notes receivable: a. On October 1, Saracen sold an $7,800 system to Majors Company. Majors gave Saracen a 8-month, 8% note as payment. b. On November 1, Saracen sold a $4,200 system to Hadley Inc. Hadley gave Saracen a 10-month, 15% note as payment. c. On June 1, Majors paid the amount due on its note. d. On September 1, Hadley paid the amount due on its note. Required: Prepare the necessary journal and adjusting entries for Saracen Systems to record these transactions assuming a December 31 year end.