On 1 January, Ajax Company accepted a one- year bill for $5 000 at 4% from one of its customers. When the bill matured on 31 December, the customer was unable to pay, and Ajax treated it as a dishonoured bill. Please provide the journal entry needed by Ajax.

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The Answer of On 1 January, Ajax Company accepted a one- year bill for $5 000 at 4% from one of its customers. When the bill matured on 31 December, the customer was unable to pay, and Ajax treated it as a dishonoured bill. Please provide the journal entry needed by Ajax.

On 1 January, Ajax Company Accepted a One- Year Bill