On March 31, 2016, Alpha Company’s note receivable from Bravo Company was dishonored due to the extreme decline in economic conditions.
On March 31, 2016, Alpha Company’s note receivable from Bravo Company was dishonored due to the extreme
decline in economic conditions. The note was a one-year, $10,000 note, issued on January 1, 2016, bearing 10%. Use this information to prepare for the Alpha Company the General Journal entries (without explanation) for March 31, 2016. If no entry is required then write “No Entry Required.”
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