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Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due. On June 15, 2015, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable. Prepare the June 15 journal entry for Coolidge.

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saqib097

Answer:

The journal entry on 15 June for Coolidge would be:

Date           Account Title                            Dr           Cr

June 15     Accounts payable – Ross        1,000            

                 Cash                                                         400

                 Notes Payable – Ross                            600

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