Question: RECEIVABLES Notes receivable: Basic journal entry On March 12, Hughes Company received a $6,300, 45-day, 2% note from Jones in payment of its account. On

RECEIVABLES Notes receivable: Basic journal entry On March 12, Hughes Company

RECEIVABLES Notes receivable: Basic journal entry On March 12, Hughes Company received a $6,300, 45-day, 2% note from Jones in payment of its account. On April 26, Jones paid its note in full, including interest. Required: Prepare the journal entries for Hughes Company on March 12 and April 26. Note: To simplify the arithmetic in the problem, use 360 days for the number of days a year. Date Account Title Debit Credit ? Explanation Check

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