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Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. time extension on her past-due account. View transaction list Journal entry worksheet 1 2 3 > Record entry for note accepted for $19,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31

Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. time extension on her past-due account. View transaction list Journal entry worksheet 1 2 3 > Record entry for note accepted for $19,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View transaction list Journal entry worksheet 2 3 > Record entry for note accepted for $19,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal
Transcribed Image Text:Oct. 31 Accepted a $19,000, six-month, 6.0% note dated today from Leann Grimes in granting a time extension on her past-due account. Dec. 31 Adjusted the books for the interest due on the Grimes note. Apr. 30 Grimes honoured her note when presented for payment. View transaction list Journal entry worksheet 2 3 > Record entry for note accepted for $19,000, for 6 months at 6.00% dated today from Leann Grimes in granting a time extension on her past-due account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 31 Record entry Clear entry View general journal
Expert Solution
Step 1

Introduction:

Journals:

Recording of a business transactions in a chronological order.

First step in the preparation of final accounts is recording journals.

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