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Refer to the information in qs and prepare the journal

Question: 1. Refer to the information in QS and prepare the journal entry assuming the note is honored by the customer on October 31, 2011.

QS: On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account.

(1) Compute the maturity date for this note.

(2) Prepare JLK's journal entry for August 2.

2. Record the sale by Kroll Company of $1,000 in accounts receivable on May 1. Kroll is charged a 3% factoring fee.

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Accounting Basics: Refer to the information in qs and prepare the journal

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