Apr. 28 Performed service on account for Beach Club, $25,000. Received a $25,000, 60-day, 12% note from Beach Club in satisfaction of its past-due account receivable. Sep. 1 Oct. 31 Collected the Beach Club note at maturity.
Apr. 28 Performed service on account for Beach Club, $25,000. Received a $25,000, 60-day, 12% note from Beach Club in satisfaction of its past-due account receivable. Sep. 1 Oct. 31 Collected the Beach Club note at maturity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Like New Steam Cleaning performs services on account. When a customer account becomes four months old, Like New converts the account to a note receivable. During 2018,the company completed the following transactions:
Record the transactions in
journal entry table.)
Like New's
journal. Round to the nearest dollar. (Use a
365-day
year for computations. Record debits first, then credits. Select the explanation on the last line of the 
Transcribed Image Text:Apr. 28
Performed service on account for Beach Club, $25,000.
Received a $25,000, 60-day, 12% note from Beach Club in
satisfaction of its past-due account receivable.
Sep. 1
Oct. 31
Collected the Beach Club note at maturity.
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