On October 1, 2015, Allen Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivable. Interest revenue was accrued through December 31, 2015. Allen receives the maturity value of the note on the due date. Give journal entry to record the collection of funds.

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The Answer of On October 1, 2015, Allen Jewelry Company accepted a 4-month, 10% note for $2,400 in settlement of an overdue account receivable. Interest revenue was accrued through December 31, 2015. Allen receives the maturity value of the note on the due date. Give journal entry to record the collection of funds.

On October 1, 2015, Allen Jewelry Company Accepted a 4-Month