LOS-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,900. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, 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.)
LOS-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,900. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can you explain why my interest revenue is wrong?
Transcribed Image Text:in the first account field.)
Answer is not complete.
No
Date
General Journal
Debit
Credit
March 01
Notes Receivable
9,900
Service Revenue
9,900
September 01
Cash
10,296
Interest Revenue
396
Notes Receivable
9,900
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Transcribed Image Text:Chec
Exercise 5-15A Record notes receivable and interest revenue (LO5-7)
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints.
Legal services total $9,900. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face
amount and interest to Terrell & Associates on September 1.
Required:
For Terrell & Associates, 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.)
View transaction list
Journal entry worksheet
1
Record the cash received on note receivable and interest.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
September 01 Cash
10,692
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