On October 1,2012,Allen Jewelry Company Accepted a 4-Month,10% Note for $2,400

question 40

Essay

On October 1,2012,Allen Jewelry Company accepted a 4-month,10% note for $2,400 in settlement of an overdue account receivable.Interest revenue was accrued through December 31,2012.Allen receives the maturity value of the note (the original principal plus all of the interest)on the due date.What journal entry is needed when the funds are collected?
$$\begin{array} { | l | l | l | } \hline \quad\quad& \quad&\quad \\\hline & & \\\hline & & \\\hline & & \\\hline\end{array}$$

---

Definitions:

Memorials

Structures, objects, or events created or held to remember and honor the memory of a person or event.

Grieving Process

A series of emotional stages experienced after the loss of a loved one, often comprising denial, anger, bargaining, depression, and acceptance.

Western Practice

Medical, legal, or cultural procedures and norms that are predominant or originating in Western countries.

Continuing Bond

The ongoing psychological presence of a deceased loved one in the lives of the bereaved, reflecting an enduring connection.