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Home > Business & Careers > Accounting   »   Receivables

 
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Old Feb 25, 2005, 11:31 AM
JayJay
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Receivables

I have an assignment due and I due not how to journalize the information that is given

Dec 7.
we received notice from the local bank that w.white's $3500 note due today was dishonoured when presented with payment. The note was previously discounted for us in september with the terms of 90 days @7%. The local bank charged $30 for handling the transaction.

after that entry there is another entry needed to be posted and it is
Dec.17
received payment in full today for the $3500 note referred to in the december 7 transaction. (include interest after maturity)

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