Journalizing notes receivable transactions LO2 LO3 LO4
The following selected transactions are from Zucco Enterprises.
2010
Aug. 7 Accepted a $7,450, 90-day, 10% note dated this day in granting a time extension on the pastdue
account receivable of Mulan Co.
Sept. 3 Accepted a $2,120, 60-day, 10% note dated this day in granting Noah Carson a time extension
on his past-due account receivable.
Nov. 2 Received payment of principal plus interest from Carson for the September 3 note.
Nov. 5 Received payment of principal plus interest from Mulan for the August 7 note.
Required
Prepare journal entries to record these transactions and events. (Round amounts to the nearest dollar.)
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