Business, 17.02.2022 04:10 Shlabo

On October 1st, 2021 Maximillion Enterprises sold product for $600,000 in exchange for a promissory note which carried an annual interest rate of 8%. The note was due on March 31, 2022. Prepare the following journal entries: 1. On October 1st, 2021 to record the sale (ignore the COGS and Inventory entry)
2. At December 31, 2021 to accrue interest revenue
3. At March 31st, 2022 for collection of the note and accrued interest

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On October 1st, 2021 Maximillion Enterprises sold product for $600,000 in exchange for a promissory...

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