Prepare journal entries to record these transactions: Mar. 21 Accepted a $7,000, six-month, 3% note dated today from Bradley Brooks in granting a time extension on his past-due account. Sept.21 Brooks dishonoured his note when presented for payment. Dec. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet 1 2 3 > Record the 6-month, 3% note to replace past-due account. Note: Enter debits before credits.
Prepare journal entries to record these transactions: Mar. 21 Accepted a $7,000, six-month, 3% note dated today from Bradley Brooks in granting a time extension on his past-due account. Sept.21 Brooks dishonoured his note when presented for payment. Dec. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. View transaction list Journal entry worksheet 1 2 3 > Record the 6-month, 3% note to replace past-due account. Note: Enter debits before credits.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Answer the following

Transcribed Image Text:Prepare journal entries to record these transactions:
Mar. 21 Accepted a $7,000, six-month, 3% note dated today from Bradley Brooks in granting a time extension on his past-due
account.
Sept.21 Brooks dishonoured his note when presented for payment.
Dec. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful
Accounts.
View transaction list
Journal entry worksheet
2
3
>
Record the 6-month, 3% note to replace past-due account.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Mar 21
Record entry
Clear entry
View general journal
Expert Solution

Step 1
Interest on Note will be calculated from March 21 to September 21 ie. 6 months.
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