Record the following transactions in general journal form for Tran Company for 2022: Jul 1 Received a $5,000, 3-month, 5% note (All interest is paid at maturity) from Thao Nguyen for the settlement of her Accounts Receivable. Sep 30 Received notification from Thao Nguyen that she was unable to honour her note at this time. It is expected that Thao will pay at a later date. Nov 15 Received full payment from Thao Nguyen for the note previously dishonoured on September 30. No additional interest was charged from September 30 to November 15. Tran Company has a December 31 fiscal year-end.
Record the following transactions in general journal form for Tran Company for 2022: Jul 1 Received a $5,000, 3-month, 5% note (All interest is paid at maturity) from Thao Nguyen for the settlement of her Accounts Receivable. Sep 30 Received notification from Thao Nguyen that she was unable to honour her note at this time. It is expected that Thao will pay at a later date. Nov 15 Received full payment from Thao Nguyen for the note previously dishonoured on September 30. No additional interest was charged from September 30 to November 15. Tran Company has a December 31 fiscal year-end.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Record the following transactions in
general journal form for Tran
Company for 2022: Jul 1 Received a
$5,000, 3-month, 5% note (All
interest is paid at maturity) from
Thao Nguyen for the settlement of
her Accounts Receivable. Sep 30
Received notification from Thao
Nguyen that she was unable to
honour her note at this time. It is
expected that Thao will pay at a
later date. Nov 15 Received full
payment from Thao Nguyen for the
note previously dishonoured on
September 30. No additional
interest was charged from
September 30 to November 15. Tran
Company has a December 31 fiscal
year-end.
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