Prepare journal entries to record the following transactions by Ericton Industries:2014Jan. 20 Accepted a $ 170,000, 90-day, 9% note dated this day in granting a time extension on the past due...

Prepare journal entries to record the following transactions by Ericton Industries: 2014 Jan. 20 Accepted a $ 170,000, 90-day, 9% note dated this day in granting a time extension on the past due account of Steve Soetart. Feb. 19 Discounted the Steve Soetart note at the bank at 11.5%. View Solution:

Prepare journal entries to record the following transactions by Ericton