On October 1,2012,Allen Jewelry Company accepted a 4-month,10% note 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 Note receivable.
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Question

On October 1,2012,Allen Jewelry Company accepted a 4-month,10% note 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 Note receivable.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On October 1,2012,Allen Jewelry Company accepted a 4-month,10% note 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 Note receivable.
 $$\begin{array} { | l | l | l | } 
\hline \quad\quad& \quad&\quad \
\hline & & \
\hline
\end{array}$$

On October 1,2012,Allen Jewelry Company Accepted a 4-Month,10% Note for $2,400