journal entry worksheet\n< 1 2 3\naccepted a $4,000, 180 - day, 6% note from kelly white in granting a time…
journal entry worksheet\n< 1 2 3\naccepted a $4,000, 180 - day, 6% note from kelly white in granting a time extension on her past - due account receivable.\nnote: enter debits before credits.\ndate general journal debit credit\nnovember 01
Answer
Explanation:
Step1: Identify accounts affected
Debit Notes Receivable as we are accepting a note. Credit Accounts Receivable - Kelly White as the past - due account is being converted to a note.
Step2: Determine amounts
The amount of the note is $4,000, so we debit and credit $4,000 respectively.
Answer:
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| November 01 | Notes Receivable | 4000 | |
| November 01 | Accounts Receivable - Kelly White | 4000 |