On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,600. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Q&A Education