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In December, 2008, Ace Consulting performed services for a customer for $12,000 on account. On June 1, 2009, after several unsuccessful attempts to collect, Ace replaced the customer's account receivable with a 6% note, due and collected in full on January 31, 2010. Ace's accounting year end is December 31.

Required: Prepare all necessary journal and adjusting journal entries for Ace Consulting for 2008, 2009 and 2010.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977259

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