Prepare journal entries required to record the transactions

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Reference no: EM132745513

Problem - On August 1, Walla Walla Ltd. accepted a $25,400 note from Borges Ltd. in settlement of an account receivable. The note bears interest of 6% and both principal and interest are due in two months, on October 1. Interest on the note was accrued on August 31 and on September 30. On October 1, Borges paid the note, including the accrued interest. Prepare the journal entries required to record the above transactions.

Reference no: EM132745513

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