Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.)
Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a
time extension on her past-due account.
Dec. 31 Adjusted the books for the interest due on the Grimes note.
Apr. 30 Grimes honoured her note when presented for payment.
View transaction list
Journal entry worksheet
1
2
3
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Record entry for note accepted for $19,000, for 6 months at 6.00% dated
today from Leann Grimes in granting a time extension on her past-due
account.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Oct 31
www.
Record entry
Clear entry
View general journal
Transcribed Image Text:Prepare journal entries to record these transactions: (Round your answers to 2 decimal places.) Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View transaction list Journal entry worksheet 1 2 3 > Record entry for note accepted for $19,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 www. Record entry Clear entry View general journal
Expert Solution
Working:

Interest accrued on dec. 31 = Face value of notes x rate of interest x no. of months / 12

= $19000 x 6% x 2/12

= $190

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