Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $18,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. 1 Record entry for note accepted for $18,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past due account. 2 Record adjusting entry for the interest due on the Grimes note. 3 Record the note honored, when presented for payment.

Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $18,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. 1 Record entry for note accepted for $18,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past due account. 2 Record adjusting entry for the interest due on the Grimes note. 3 Record the note honored, when presented for payment.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.7E: Notes Receivable On September 1, 2016, Dougherty Corp. accepted a six-month, 7%, $45,000...

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