Question: On August 2, 2015, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account. Record cash received

On August 2, 2015, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account.

  • Record cash received on note plus interest.

Prepare Juns journal entry assuming the note is honored by the customer on October 31, 2015.(Use 360 days a year.)

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