McKale Company has a three-month, $18,000, 9% note receivable from L. Peters that was signed on June 1, 2018. Peters defaults on the loan on September 1. Journalize the entry for McKale to record the default of the loan.

McKale Company has a three-month, $18,000, 9% note receivable from L. Peters that was signed on June 1, 2018. Peters defaults on the loan on September 1. Journalize the entry for McKale to record the default of the loan.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Balance of Payments

BOP is categorized into the following three components:

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S9-12. Thank you!

Learning Objective 4
S9-12 Recording a dishonored note receivable
McKale Company has a three-month, $18,000, 9% note receivable from L. Peters that
was signed on June 1, 2018. Peters defaults on the loan on September 1.
Journalize the entry for McKale to record the default of the loan.

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