On December 21, 2016, Alpha Company accepted from Bravo a $10,000, 90-day, 8% note in lieu...
On December 21, 2016, Alpha Company accepted from Bravo a $10,000, 90-day, 8% note in lieu of an existing $10,000 account receivable. Alpha Company's fiscal year-end is December 31. Use this information to prepare for the Alpha Company the General Journal entries (without explanation) for December 21, 2016.
Homework Answers
Solution:
| General Journal Entry | |||
| Date | Accounting Title and explanation | Debit | Credit |
| 21-Dec-16 | Note Receivable Dr | $10,000 | |
| To Accounts Receivable | $10,000 | ||
| (To record acceptance of note receivable in lieu of an existing Accounts receivable) | |||
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