The following selected transactions occurred during 2016 for Mitchell Movers.The company ends it accounting year on December 31.
$$\begin{array} { | l | l | }
\hline \text { Apr. 1 } & \text { Performed services on account for Ellison Rentals, } \$ 12,000 . \
\hline \text { Aug. 1 } & \begin{array} { l }
\text { Received a } \$ 12,000,3 \text { month, } 9 \% \text { note from Ellison in } \
\text { satisfaction of its past-due account receivable. }
\end{array} \
\hline \text { Nov. 1 } & \text { Collected the Ellison note at maturity } \
\hline
\end{array}$$ Prepare the journal entries to record these transactions.

Question

The following selected transactions occurred during 2016 for Mitchell Movers.The company ends it accounting year on December 31.
 $$\begin{array} { | l | l | } 
\hline \text { Apr. 1 } & \text { Performed services on account for Ellison Rentals, } \$ 12,000 . \
\hline \text { Aug. 1 } & \begin{array} { l } 
\text { Received a } \$ 12,000,3 \text { month, } 9 \% \text { note from Ellison in } \
\text { satisfaction of its past-due account receivable. }
\end{array} \
\hline \text { Nov. 1 } & \text { Collected the Ellison note at maturity } \
\hline
\end{array}$$ Prepare the journal entries to record these transactions.

Quizplus · Accepted Answer

The Answer of The following selected transactions occurred during 2016 for Mitchell Movers.The company ends it accounting year on December 31.
 $$\begin{array} { | l | l | } 
\hline \text { Apr. 1 } & \text { Performed services on account for Ellison Rentals, } \$ 12,000 . \
\hline \text { Aug. 1 } & \begin{array} { l } 
\text { Received a } \$ 12,000,3 \text { month, } 9 \% \text { note from Ellison in } \
\text { satisfaction of its past-due account receivable. }
\end{array} \
\hline \text { Nov. 1 } & \text { Collected the Ellison note at maturity } \
\hline
\end{array}$$ Prepare the journal entries to record these transactions.

The Following Selected Transactions Occurred During 2016 for Mitchell Movers