N March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints.
Legal services total $10,400. In payment for the services, Whole Grain Bakery signs a 9% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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