On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips honors the note on May 8. Record the collection of the note and interest by Jackson assuming that no interest has been accrued. (Use 360 days for calculation. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g 52.75 and final answers to O decimal places, e.g. 1,525.) Date Account Titles and Explanation May 8 Debit Credit

On March 9, Phillips gave Jackson Company a 60-day, 12% promissory note for $5,200. Phillips honors the note on May 8. Record the collection of the note and interest by Jackson assuming that no interest has been accrued. (Use 360 days for calculation. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round intermediate calculations to 2 decimal places, e.g 52.75 and final answers to O decimal places, e.g. 1,525.) Date Account Titles and Explanation May 8 Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterD: Notes Payable And Notes Receivable

Section: Chapter Questions

Problem 5P

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