Record the following entries for Hanna, Inc., a retail company in journal form: ...
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Record the following entries for Hanna, Inc., a retail company in journal form:
- Set up an $48,000 note receivable (for the account of Bruce Brown when Brown had trouble paying on his account) at 6% annual interest for 120 days, starting on July 1, 2021.
- The note was dishonored (unpaid) on October 29, 2021. (Brown never showed up) Recorded the proper entry to re-establish the account receivable.
- Account plus interest on the new principle was collected 30 days later, November 28, 2021
Record the following entries for Hanna, Inc., a retail company in journal form:
- Set up an $48,000 note receivable (for the account of Bruce Brown when Brown had trouble paying on his account) at 6% annual interest for 120 days, starting on July 1, 2021.
- The note was dishonored (unpaid) on October 29, 2021. (Brown never showed up) Recorded the proper entry to re-establish the account receivable.
- Account plus interest on the new principle was collected 30 days later, November 28, 2021
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