July 1 Ivanhoe Catering accepted a 5\%,3-month, $10,080 note dated July 1 from VIP Productions...
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Accounting
July 1 Ivanhoe Catering accepted a 5\%,3-month, $10,080 note dated July 1 from VIP Productions for the balance due on account. July 31 Ivanhoe Catering accrued interest on the July 1 note from VIP Productions. Oct. 1 Collected the VIP Productions note in full. Interest was correctly accrued on July 31, August 31, and Septeinber 30. Oct. 1 Assume instead, that the note is dishonored and that no interest has been accrued. Ivanhoe Catering expects VIP Productions to eventually pay the amount owed
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