On September 30, the Camelback Company accepted a $50,000, 60 day, 9 percent, promissory note in exchange for an overdue accounts receivable balance for the same amount from the Schwartz Company. On November 30, the Schwartz Company dishonored the note. What journal entry should be recorded on November 30?

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13-06-2024
Business

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On September 30, the Camelback Company accepted a $50,000, 60 day, 9 percent, promissory note in exchange for an overdue accounts receivable balance for the same amount from the Schwartz Company. On November 30, the Schwartz Company dishonored the note. What journal entry should be recorded on November 30?

Sagot :

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