On October 1,2019,Island Jewelry Company Accepted a 4-Month,10% Note for $2,400

question 136

Essay

On October 1,2019,Island Jewelry Company accepted a 4-month,10% note for $2,400 in settlement of an overdue account receivable.Interest revenue was accrued through December 31,2019.Island receives the maturity value of the note at maturity.Prepare the journal entry to record the collection.Omit explanation.

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