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Why would potter bother to send hogwarts a check

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Reference no: EM132494662

Hogwarts Ltd. sold merchandise for $6,000 to H. Potter on July 31, 2019, with payment due in 30 days. Because of CoVid-19 pandemic, Potter experienced cash-flow problems and was unable to pay its debt. On December 24, 2019, Hogwarts stopped trying to collect the outstanding receivable from Potter and wrote off the account as uncollectible. On January 15, 2020, Potter sent Hogwarts a check for $1,500 and offered to sign a two-month, 8%, $4,500 promissory note to satisfy the remaining obligation. Potter paid the entire amount due Hogwarts, with interest, on March 15, 2020. Hogwarts ends its accounting year on December 31 each year.

Required:

Question 1. Prepare all the necessary journal entries on the books of Hogwarts Ltd., from 31 Juli 2019, to March 15, 2020.

Question 2. Why would Potter bother to send Hogwarts a check for $1,500 on January 15 and agree to sign a note for a balance, given that such a long period of time had passed since the original purchase

Reference no: EM132494662

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