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1)Help 10 points Prepare journal entries to record these transactions: (Round your answers to 2 decimal placus
1)Help 10 points Prepare journal entries to record these transactions: (Round your answers to 2 decimal placus.) Oct. 31 Accepted $20,560, six-month, 6.05 note dated today from Lean Grimes te prating. 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. eBook View transaction list Print References Journal entry worksheet
Expert Solution
| Date | General Journal | Debit | Credit |
| Oct. 31 | Note receivable | $18,500 | |
| Accounts receivable | $18,500 | ||
| (To record the note accepted on accounts of dues) | |||
| Dec. 31 | Interest receivable (18500*6%*2/12) | $185 | |
| Interest revenue | $185 | ||
| (To record the interest accrued) | |||
| Apr. 30 | Cash (18500*6%*4/12) | $19,055 | |
| Interest revenue | $370 | ||
| Interest receivable | $185 | ||
| Note receivable | $18,500 | ||
| (To record the payment received) |
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