Question

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.

Answer 1

The Journal entry with their narrations is shown below:-

Step-by-step 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