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5 April, 16:53

On March 15, 2015, Viking Office Supply agrees to accept $1,200 in cash along with a $2,800, 60-day, 15 percent note from R. Roy to settle his $4,000 past-due account. Prepare the March 15 entry for Viking Office Supply by selecting the account names and dollar amounts from the drop-down menus.

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  1. 5 April, 19:51
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    The Journal entry with their narrations is shown below:-

    Explanation:

    The Journal entry is shown below:-

    Cash Dr, $1,200

    Notes Receivable Dr, $2,800

    To Accounts Receivable - R. Roy $4,000

    (Being office supply of Vikram is recorded)

    Therefore for recording the office supply we simply debited cash and notes receivable and credited the accounts receivable
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