6. The following series of transactions occurred during Year 1 and Year 2, when Foxworth...
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Accounting
6. The following series of transactions occurred during Year 1 and Year 2, when Foxworth company sold merchandise to Kevin Lewis. Foxworth's annual accounting period ends on December 31. 10/01/Year 1 Sold $12,000 of merchandise to K. Lewis, terms n/30. 11/15/ Year 1 Lewis reports that he cannot pay the account until early next year. He agrees to exchange the account for a 120 -day, 12% note receivable. 12/31/Year 1 Prepared the adjusting journal entry to record accrued interest on the note. 03/15/Year 2 Foxworth receives a check from Lewis for the maturity value (with interest) of the note. Prepare Foxworth company's journal entries to record the above transactions
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