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Prepare journal entries to record the following events: Jul. 1 Klemens Company accepted a...

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Accounting

Prepare journal entries to record the following events:

Jul. 1 Klemens Company accepted a 5%, 3-month, $8,000 note dated

July 1 from Mox Company for the balance due on Mox's account. Jul. 31 Klemens accrued interest on the above note for the month of July.

Oct. 1 Collected Mox Company note in full. Assume interest was correctly accrued on August 31 and September 30.

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