Alex Company accepts a $7,000 five-month 5% note receivable in settlement of an account receivable..
Alex Company accepts a $7,000 five-month 5% note receivable in settlement of an account receivable on March 1. Interest is to be paid at maturity. The company's year-end is December 31. The company adjusts its accounts annually. Required: a. Record the issue of the note on March 1 b. Record the journal entry on August 1 assuming the note is dishonored and eventual collection is not expected. May 16 2022 05:52 PM
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