On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days. Prepare the journal entry for Don on March 31, 2020 (quarterly) pertaining to the note. Pay close attention to what I am asking for.
On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days. Prepare the journal entry for Don on March 31, 2020 (quarterly) pertaining to the note. Pay close attention to what I am asking for.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, 2019, Don accepted a note receivable from Mike’s Builders for $1,000 as a good faith promise to pay for electrical engineering services rendered that week. The terms of the note are: Face $1,000, Interest 7%, Due in 180 Days.
Prepare the
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