Ch $8$ HW $10$ pts $($i$)$

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M$8-12($Static$)$ Recording Notes Receivable Transactions $[$LO $8-3]$

RecRoom Equipment Company received an $$8,000,$ six$-$month, $6$ percent note to settle an $$8,000$ unpaid balance owed by a

$0\mathrm{.}9$ customer.

points

a$.$ The note is accepted by RecRoom on November $1,$ causing the company to increase its Notes Receivable and decrease its Accounts Receivable.

b$.$ RecRoom adjusts its records for interest earned to its December $31$ year$-$end.

c$.$ RecRoom receives the interest on the note's maturity date.

d$.$ RecRoom receives the principal on the note's maturity date.

Required:

Prepare journal entries to record the above transactions for RecRoom. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations.$)$

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Journal entry worksheet

A

B

C

D

Record the receipt of a note on November $1$ for $$8,000$ to settle an outstanding accounts receivable balance of a customer.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$November $01],[,,,],[,,,],[,,,],[,,,],[,,,]]$

Mc

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