The Following Selected Transactions Occurred During 2016 for Mitchell Movers

question 98

Essay

The following selected transactions occurred during 2016 for Mitchell Movers.The company ends it accounting year on December 31.
$$\begin{array} { | l | l | } \hline \text { Apr. 1 } & \text { Performed services on account for Ellison Rentals, } \$ 12,000 . \\\hline \text { Aug. 1 } & \begin{array} { l } \text { Received a } \$ 12,000,3 \text { month, } 9 \% \text { note from Ellison in } \\\text { satisfaction of its past-due account receivable. }\end{array} \\\hline \text { Nov. 1 } & \text { Collected the Ellison note at maturity } \\\hline\end{array}$$ Prepare the journal entries to record these transactions.

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Definitions:

Disrupting

The act of causing a disturbance or interruption in a process, event, or situation.

Sense of Fairness

An individual's perception of the equity or justice of a situation, affecting their satisfaction with outcomes.

Calculus-Based Trust

Trust built on the expectation that others will act predictably based on past interactions.

Reward

A benefit, prize, or compensation given in recognition of one's effort, performance, or service.