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Prepare journal entries to record the events

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Reference no: EM133048852

Problem - Able Ltd has an overdue account receivable from Pearl Pty Ltd for $75 500. On 15 July Pearl Pty Ltd requested a 60 day extension of the payment date, and Able Ltd agreed to accept a 60 day, 12% promissory note in exchange for the account receivable.

Required - Prepare journal entries to record the following events.

A. The receipt of the promissory note.

B. The maturity of the promissory note.

Reference no: EM133048852

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