On July 1,2019,Landscape Equipment Sellers Accepted a 3-Month,15% Note for $6,000

question 216

Essay

On July 1,2019,Landscape Equipment Sellers accepted a 3-month,15% note for $6,000 in settlement of an overdue account receivable.Prepare the journal entry to record the acceptance of the note.Omit explanation.

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Definitions:

Semantic Memory

Refers to a type of long-term memory involving the capacity to recall words, concepts, or numbers, which is essential for the use and understanding of language.

Episodic Memory

A form of persistent memory that deals with the recall of particular incidents, conditions, and perceptions, inclusive of the circumstances and feelings tied to them.

Nondeclarative

A type of memory expressed through performance rather than conscious recall, also known as implicit memory.

Elaborative Rehearsal

A technique in memory that involves thinking about the meaning of the term to be remembered, as opposed to repetitive rote memorization.