On 1 October 2014, Allen Jewellery Company accepted a 4- month, 10% bill for $2 400 in settlement of an overdue account receivable. Please provide the journal entry needed to record the conversion of an Accounts receivable into a Bill receivable.

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The Answer of On 1 October 2014, Allen Jewellery Company accepted a 4- month, 10% bill for $2 400 in settlement of an overdue account receivable. Please provide the journal entry needed to record the conversion of an Accounts receivable into a Bill receivable.

On 1 October 2014, Allen Jewellery Company Accepted a 4-