Record the Following Transactions in General Journal Form for the Newell

question 237

Essay

Record the following transactions in general journal form for the Newell Company.
July 1 Received a $9,000, 8%, 3-month note, dated July 1, from Lois Patton in payment of her open account.
Oct. 1 Received notification from Lois Patton that she was unable to honor her note at this time. It is expected that Patton will pay at a later date.
Nov. 15 Received full payment from Lois Patton for note receivable previously dishonored.

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Definitions:

Subconscious

A part of the mind not fully aware but influences one's actions and feelings.

Catharsis

The process of releasing, and thereby providing relief from, strong or repressed emotions.

Repression

Defense mechanism in which the ego pushes anxiety-provoking material back into the unconscious.

Unconscious

The part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.