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seropon [69]
3 years ago
10

Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 12% promissory note for $8,000. I

f the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.)
Business
1 answer:
MrMuchimi3 years ago
8 0

Answer:A/R, IR, NR

Explanation: Journal entry to record Dishonored note are as follows

A/R- Debit your Account Receivable for the total of principle and interest owned.

IR - Credit the interest revenue account for the interest amount receivable.

NR- Credit the notes receivable account for the principle balance.

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