Question

On March 15, 2015, Viking Office Supply agrees to accept $1,200 in cash along with a $2,800, 60-day, 15 percent note from R. Roy to settle his $4,000 past-due account. Prepare the March 15 entry for Viking Office Supply by selecting the account names and dollar amounts from the drop-down menus.

Answer 1

Answer:

The Journal entry with their narrations is shown below:-

Explanation:

The Journal entry is shown below:-

Cash Dr,                                     $1,200  

Notes Receivable Dr,                $2,800  

To Accounts Receivable -R. Roy            $4,000

(Being office supply of Vikram is recorded)

Therefore for recording the office supply we simply debited cash and notes receivable and credited the accounts receivable