epare journal entries to record these transactions: Mar. 21 Accepted a $6,750, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due Brooks dishonoured his note when presented for payment. Sept. 21 Dec. 31 account. After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet < 1 2 3 Record the 6-month, 4% note to replace past-due account. Note: Enter debits before credits. Date Mar 21 General Journal Debit Credit

epare journal entries to record these transactions: Mar. 21 Accepted a $6,750, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due Brooks dishonoured his note when presented for payment. Sept. 21 Dec. 31 account. After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet < 1 2 3 Record the 6-month, 4% note to replace past-due account. Note: Enter debits before credits. Date Mar 21 General Journal Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

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Prepare journal entries to record these transactions (round the answer to two decimal places): Oct. 31 Accepted a $20,000, six-month, 5% note dated today from Client X in granting a time extension on her past- due account receivable. Dec. 31 Adjusted the books for the interest due on Client X’s note. Apr. 30 Client X honored the note and paid it in full.
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