MetaSales and Notes Receivable Transactions
The following were selected from among the transactions completed during the current year by Danix Co an appliance wholesale company:
Jan. Sold merchandise on account to Black Tie Co $ The cost of merchandise sold was $
Mar. Accepted a day, note for $ from Black Tie Co on account.
May Received from Black Tie Co the amount due on the note of March
June Sold merchandise on account to Pioneer Co for $ The cost of merchandise sold was $
Loaned $ cash to JR Stutts, receiving a day, note.
Received from Pioneer Co the amount due on the invoice of June
July Received the interest due from JR Stutts and a new day, note as a renewal of the loan of June Record both the debit and the credit to the notes receivable account.
Sept. Received from JR Stutts the amount due on her note of July
Sold merchandise on account to Wycoff Co $ The cost of merchandise sold was $
Oct. Accepted a day, note for $ from Wycoff Co on account.
Nov. Wycoff Co dishonored the note dated October
Dec. Received from Wycoff Co the amount owed on the dishonored note, plus interest for days at computed on the maturity value of the note.
Required:
Journalize the entries to record the transactions. Assume days in a year. If an amount box does not require an entry, leave it blank.
Jan. sale
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Jan. cost
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Mar.
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May
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June sale
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June cost
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June
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June
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July
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Sept. note
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Sept. sale
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Sept. cost
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Oct.
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Nov.
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Dec.
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