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Record the transactions in professional enterprises journal

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Question - Professional Enterprises sells on account. When a customer account becomes 4 months old. Professional converts the account to a note receivable. During 2010, Professional complete these transactions:

March 29 Solid goods on account to Montclair, Inc $21,000

Aug 1 Received a $21,000, 60 day, 5% note from Montclair, Inc. in satisfaction of the past-due receivable.

Sept 30 Collected the Montclair inc. note at maturity.

Requirement: Record the transactions in Professional Enterprises' Journal.

Reference no: EM132095361

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