RecRoom Equipment Company received an $ sixmonth, percent note to settle an $ unpaid balance owed by a
customer.
a The note is accepted by RecRoom on November causing the company to increase its Notes Receivable and decrease its
Accounts Receivable.
b RecRoom adjusts its records for interest earned to its December yearend.
c RecRoom receives the interest on the note's maturity date.
d RecRoom receives the principal on the note's maturity date.
Required:
Prepare journal entries to record the above transactions for RecRoom. If no entry is required for a transactionevent select No
Journal Entry Required" in the first account field. Do not round intermediate calculations.
Journal entry worksheet
Record the receipt of a note on November for $ to settle an
outstanding accounts receivable balance of a customer.
Note: Enter debits before credits.
