McKoel Corporation has a three-month, $20,000, 3% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on September 1. Journalize the entry for McKoel to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate except with respect to the customer's name. When entering the customer name, enter the name exactly as it is presented in the problem data. For example: Accounts Receivable-J. Samson.) Date Accounts and Explanation Debit Credit 2024 Sep. 1
McKoel Corporation has a three-month, $20,000, 3% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on September 1. Journalize the entry for McKoel to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate except with respect to the customer's name. When entering the customer name, enter the name exactly as it is presented in the problem data. For example: Accounts Receivable-J. Samson.) Date Accounts and Explanation Debit Credit 2024 Sep. 1
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...
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Question
McKoel
Corporation has a
three-month,
$20,000,
3%
note receivable from
L. Noel
that was signed on
June
1,
2024.
Noel
defaults on the loan on
September
1.Journalize the entry for
journal entry table. Check your spelling carefully and do not abbreviate except with respect to the customer's name. When entering the customer name, enter the name exactly as it is presented in the problem data. For example: Accounts Receivable-J. Samson.)
McKoel
to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the |
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Sep. 1
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