Question: On August 1. Page Ltd. accepted a $23,800 note from Borges t.t. in settiement of an account receivable. The note bears interest of 6% and
On August 1. Page Ltd. accepted a $23,800 note from Borges t.t. in settiement of an account receivable. The note bears interest of 6% and both princlpat and interest are ue in two months, on October 1 . Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the fournal entries required to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select 'No Entry' for the account titles and enter Ofor the amounts. Record entries in the order disployed In the nomblem stotement
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