Question: Exercise 8-17 Honouring a note LO4 Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct 31 Accepted a $19,000,
Exercise 8-17 Honouring a note LO4 Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct 31 Accepted a $19,000, six-month, 6.00 note dated today from Leann Grimes in granting a time extension on her past-due account. Dudu Adjusted the books for the interest due on the Grimes note. Apr 30 Grimes honoured her note when presented for payment. View transaction list View journal entry worksheet Credit Date Oct 31 General Journal Notes receivable-Leann Grimes Accounts receivable-Leann Grimes Debit 19,000.00 19,000.00 Dec 31 No Transaction Recorded Apr 30 19,000.00 Cash Notes receivable Leann Grimes Interest receivable Interest income
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
