On October 1,2017,Zircon Jewelry Company Accepted a 4-Month,10% Note for $2,400

question 105

Essay

On October 1,2017,Zircon Jewelry Company accepted a 4-month,10% note for $2,400 in settlement of an overdue account receivable.Interest revenue was accrued through December 31,2017.Zircon receives the maturity value of the note at maturity.Prepare the journal entry to record the collection.

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Definitions:

Demand Curve

An illustrated chart that represents how the price of a good or service affects its demand within a certain period.

Trimalleolar Fracture

A type of ankle fracture that involves all three malleoli of the ankle bones.

Displaced

Refers to something forcefully moved or put out of its usual or proper place, often used in medical contexts, like bone fractures.

Lower Leg

The part of the leg between the knee and the ankle, comprising the tibia and fibula bones.