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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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.

On October 1, 2012, Allen Jewelry Company Accepted a 4-Month