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Sagot :
Answer:
A. Dr Cash $350,000
Cr Accounts receivable $350,000
B. Dr Notes payable $304,400
Dr Interest expense $7,610
Cr Cash $312,010
Explanation:
A.Preparation of the journal entry for Rasheed's collection of $350,000 of the accounts receivable
Dr Cash $350,000
Cr Accounts receivable $350,000
(To record collection of accounts receivable )
B. Preparation of the journal entry to record the payment.
Dr Notes payable $304,400
Dr Interest expense $7,610
(10%*$304,400*3/12)
Cr Cash $312,010
($304,400+$7,610)
(To record payment)
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