Vincent Company accepted a 12-month,7% promissory note from a customer,Graves Company,on September 1,2016,in exchange for $24,000 of services that Vincent performed.Prepare general journal entries for the following:
a)acceptance of the note on September 1,2016
b)accrual of interest on December 31,2016
c)collection of principal and interest on August 31,2017

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The Answer of Vincent Company accepted a 12-month,7% promissory note from a customer,Graves Company,on September 1,2016,in exchange for $24,000 of services that Vincent performed.Prepare general journal entries for the following:
a)acceptance of the note on September 1,2016
b)accrual of interest on December 31,2016
c)collection of principal and interest on August 31,2017

Vincent Company Accepted a 12-Month,7% Promissory Note from a Customer,Graves