Recording Notes Receivable Issuance, Payment, and Default single payment 6 months after issuance Consider the following transactions, which describe Teatree's experience with two such notes a On October 3 1 , Teatree accepts a 6 month, 1 2 note from Customer A in lieu of a $ 3 , 6 0 0 cash payment for services provided that day b On February 2 8 , Teatree accepts a 6 month, $ 2 , 3 0 0 , 1 2 note from Customer B in lieu of a $ 2 , 3 0 0 cash payment for services provided on that day c On April 3 0 , Customer A pays the entire note plus interest in cash d On August 3 1 , Customer B pays the entire note plus interest in cash Required Prepare the necessary journal and adjusting entries required to record Transactions a through d in Teatree's records If an amount box does not require an entry, leave it blank a Oct 3 1 Dec 3 1 b Feb 2 8 c Apr 3 0 d Aug 3 1 Recording Notes Receivable Issuance, Payment, and Default single payment 6 months after issuance Consider the following transactions, which describe Teatree's experience with two such notes a On October 3 1 , Teatree accepts a 6 month, 1 2 note from Customer A in lieu of a $ 3 , 6 0 0 cash payment for services provided that day b On February 2 8 , Teatree accepts a 6 month, $ 2 , 3 0 0 , 1 2 note from Customer B in lieu of a $ 2 , 3 0 0 cash payment for services provided on that day c On April 3 0 , Customer A pays the entire note plus interest in cash d On August 3 1 , Customer B pays the entire note plus interest in cash Required Prepare the necessary journal and adjusting entries required to record Transactions a through d in Teatree's records If an amount box does not require an entry, leave it blank a Oct 3 1 Dec 3 1 b Feb 2 8 c Apr 3 0 d Aug 3 1

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Question: Recording Notes Receivable: Issuance, Payment, and Default single payment 6 months after issuance. Consider the following transactions, which describe Teatree's experience with two such notes:

Recording Notes Receivable: Issuance, Payment, and Default

single payment

6

months after issuance. Consider the following transactions, which describe Teatree's experience with two such notes:

.

On October

31,

Teatree accepts a

6 -

month,

12 %

note from Customer A in lieu of a $

3, 600

cash payment for services provided that day.

.

On February

28,

Teatree accepts a

6 -

month, $

2, 300, 12 %

note from Customer B in lieu of a $

2, 300

cash payment for services provided on that day.

.

On April

30,

Customer A pays the entire note plus interest in cash.

.

On August

31,

Customer B pays the entire note plus interest in cash.

Required:

Prepare the necessary journal and adjusting entries required to record Transactions a through d in Teatree's records. If an amount box does not require an entry, leave it

blank.

.

Oct.

31

Dec.

31

.

Feb.

28

.

Apr.

30

.

Aug.

31

Recording Notes Receivable: Issuance, Payment, and Default

single payment

6

months after issuance. Consider the following transactions, which describe Teatree's experience with two such notes:

.

On October

31,

Teatree accepts a

6 -

month,

12 %

note from Customer A in lieu of a $

3, 600

cash payment for services provided that day.

.

On February

28,

Teatree accepts a

6 -

month, $

2, 300, 12 %

note from Customer B in lieu of a $

2, 300

cash payment for services provided on that day.

.

On April

30,

Customer A pays the entire note plus interest in cash.

.

On August

31,

Customer B pays the entire note plus interest in cash.

Required:

Prepare the necessary journal and adjusting entries required to record Transactions a through d in Teatree's records. If an amount box does not require an entry, leave it

blank.

.

Oct.

31

Dec.

31

.

Feb.

28

.

Apr.

30

.

Aug.

31

Recording Notes Receivable: Issuance, Payment, and Default single payment 6 months

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