Prepare journal entries to record these transactions (round the answer to two decimal places):Oct. 31 Accepted a $1 5,000, six-month, 4.5% note dated today from Leann Grimes in granting a time...

Prepare journal entries to record these transactions (round the answer to two decimal places): Oct. 31 Accepted a $1 5,000, six-month, 4.5% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View Solution:

Prepare journal entries to record these transactions round the answer