Exercise 9- 11 Honoring a note P3 Prepare journal entries to record these selected transactions for Vitalo
Question:
Nov. 1 Accepted a $ 6,000, 180- day, 8% note dated November 1 from Kelly White in granting a time extension on her past- due account receivable.
Dec. 31 Adjusted the year- end accounts for the accrued interest earned on the White note.
Apr. 30 White honors her note when presented for payment; February has 28 days for the current year.
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Nov 1 Notes ReceivableK White 6000 Accounts ReceivableK White 6000 To record rece...View the full answer
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Related Book For 
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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