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  3. during 2021, your company completed the following

During 2021, your company completed the following summarized transactions. Prepare journal entries for the following...

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Accounting

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During 2021, your company completed the following summarized transactions. Prepare journal entries for the following events. 1. Your company sold $60,000 of merchandise to various customers for $150,000 on account, terms 2/10, n/30. Assume your company uses a PERIODIC inventory system and the GROSS method of discounts. 2. Accounts from transaction "+1." above for which the original amount was $70,000 were collected within the 10 day period. 3. Accounts from transaction"=1." above for which the original amount was $40,000 were collected 27 days after the sale. One customer from transaction"=1" above returned a product which cost $410 and had been sold for $1,000. This customer had NOT paid his account so you credited his account 5. On December 1, 2021, you loaned $80,000 to another company and received a nine- month, 6% note. 6. Your company wrote off $2,100 of past due accounts receivable. 7. At the end of the year, your company estimated bad debts would be 1% of GROSS sales for the year S. At the end of the year, you accrued interest on the note in #5 above

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