Prepare journal entries for the following transactions. Accepted a 60 day, 7% note for $2,000...
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Accounting
Prepare journal entries for the following transactions. Accepted a 60 day, 7% note for $2,000 from Jones Co. on account; received on the due date the amount due from Jones. On October 12th, accepted a 60 day, 5% note for $50,000 from C. Vargas. On December 11th, Vargas dishonored the note (what did you expect from Vargas)? On December 26th Vargas paid the amount due plus interest for 15 days at 10%.
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