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August 22, 2014

Homework Help: accounting

Posted by ana on Saturday, November 13, 2010 at 8:32pm.

Adnan's Flower Shop provides floral arrangements for holidays and events.
Adflans sold Oxford Cdy Hall a holiday arrangement for 10,000 on account in
November Due to a government shutdown in December, Oxford only paid
$1,500 otthe amount due within the prescribed period. Both parties agreed to
satisfy the remaining balance with aten-month note, at 14% interest, all
payable at the end of the note.

Please record the appropriate joumnal entry establishing the note on Adran's
books.


Debit notes receivable 8500
Credit accounts receivable 8500

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