Assume that on December 1, a note which has a face value of $9,000, bears interest at 9 percent for 120 days, received from a customer as an extension of his of past - due account is dishonored. The entry that would be made to record the dishonor (ignoring interest) is: 
Definitions:
Partnership
A legal form of business operation between two or more individuals who share management and profits.
Form 1120S
A U.S. tax form used by S corporations to report their income, losses, dividends, and other financial information to the IRS.
Service Company
A business that earns revenue through providing services as opposed to selling physical goods.
Transactions
Financial activities that involve the exchange of assets, goods, services, or funds between parties.
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