Exercise 9 11 Honoring a note P3 Prepare journal entries to record these selected transactions for Vitalo Company.
Nov. 1 Accepted a $ 6,000, 180 day, 8% note dated November 1 from Kelly White in granting a time extension on her past due account receivable.
Dec. 31 Adjusted the year end accounts for the accrued interest earned on the White note.
Apr. 30 White honors her note when presented for payment; February has 28 days for the current year.