On December 1, 2020, Shaw Company accepted from Bogner a $10,000, 3-month, 8% note in lieu of an existing $10,000 account receivable. Shaw Company's fiscal year-end is December 31. What journal entry, if any, should Shaw Company record on December 31, 2020?

On December 1, 2020, Shaw Company accepted from Bogner a $10,000, 3-month, 8% note in lieu of an existing $10,000 account receivable. Shaw Company's fiscal year-end is December 31. What journal entry, if any, should Shaw Company record on December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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