5) c) On April 1st, TechHub, agreed to accept $2,000 in cash and a $3,000, 90-day, 14% note from Brittany Blue to settle her $5,000 past-due account. TechHub made the following entry to record receipt of this cash and note: [3 T] d) Brittany Blue pays this note on May 1st in full. Write the journal entry to record this transaction. [3 T]
5) c) On April 1st, TechHub, agreed to accept $2,000 in cash and a $3,000, 90-day, 14% note from Brittany Blue to settle her $5,000 past-due account. TechHub made the following entry to record receipt of this cash and note: [3 T] d) Brittany Blue pays this note on May 1st in full. Write the journal entry to record this transaction. [3 T]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
![5)
c) On April 1st, TechHub, agreed to accept $2,000 in cash and a $3,000, 90-day, 14% note from Brittany
Blue to settle her $5,000 past-due account. TechHub made the following entry to record receipt of this
[3 T]
cash and note:
d) Brittany Blue pays this note on May 1st in full. Write the journal entry to record this transaction.
[3 T]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0cfe45b3-34f5-453a-a265-df68cb0de4b6%2F2a739835-2a0f-4016-91a5-cac01d0932a9%2F6taj4g_processed.png&w=3840&q=75)
Transcribed Image Text:5)
c) On April 1st, TechHub, agreed to accept $2,000 in cash and a $3,000, 90-day, 14% note from Brittany
Blue to settle her $5,000 past-due account. TechHub made the following entry to record receipt of this
[3 T]
cash and note:
d) Brittany Blue pays this note on May 1st in full. Write the journal entry to record this transaction.
[3 T]
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education