Knowledge Check $01$

Coolidge Company owes $$1,000$ for merchandise inventory purchased from Ross Company during April. The amount owed is now past$-$due. On June $15,$ Coolidge meets with Ross and convinces Ross to accept $$400$ cash and a $30-$day, $10$ percent, $$600$ note payable to replace the account payable.

Prepare the June $15$ journal entry for Coolidge entry by selecting the account names from the drop$-$down menus and entering the dollar amounts in the debit or credit columns.

Journal entry worksheet

$1$

Coolidge Company owes $$1,000$ for merchandise inventory purchased from Ross Company during April. The amount owed is now past$-$due. On June $15,$ Coolidge meets with Ross and convinces Ross to accept $$400$ cash and a $30$ day, $10$ percent, $$600$ note payable to replace the account payable.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$Jun $15,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$