On March 1, Company A provides
legal services to Company B regarding some recent food poisoning
complaints. Legal services total $10,800. In payment for the
services, Company B signs a 8% note requiring the payment of the
face amount and interest to Company A on September 1. Required: For
Company A, record the acceptance of the note receivable on March 1
and the cash collection on September 1. (If no entry is required
for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
Homework Answers
| Date | Account | Debit | Credit |
| Mar 1 | Notes Receivable | 10,800 | |
| Service Revenue | 10,800 | ||
| Sep 1 | Cash | 11,232 | |
| Interest revenue (10,800*8%*6/12) | 432 | ||
| Notes Receivable | 10,800 | ||
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