Question: Metric Company received a 5 month, 8% note, dated October 1, for $30,000 to settle an outstanding account that Imperial Company owed Metric. Imperial Company

Metric Company received a 5 month, 8% note, dated October 1, for $30,000 to settle an outstanding account that Imperial Company owed Metric. Imperial Company promised to pay after 5 months, when the note matures.

QUESTION 23 Metric Company received a month, non deed October 1, for $30,000 an outstanding another Company mature Company o INSTRUCTIONS: Prepare all necessary journal entries in GOOD FORM for each of the fullwing transactions aference wach entry with the corresponding de ALL COMPUTATIONS (After the account name in marentheses or below the apetseriats Journal entre marked with asterisk) Example bel Debit Accounts ( *www Credit Accounts or Debit Accounts Credit Accounts "(x) TRANSACTIONS: October 1, 2022-Receipt of the note December 31, 2022-Adjusting entry due to Books Closing for End of Year Financial Statements ta later date March 1, 2023-Received notification from Imperial Company that they were unable to honor the note at this time. It is expected that impenal will pay - April 15, 2023-Received full payment from Imperial Company for the note previously dishonored For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) BIUS Paragraph Arial 10pt E- 2 one space between I. X TE

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