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On January 2, Espresso Ltd. sold merchandise on account to R. James for $47,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $30,800, On February 1, R. James gave Espresso a five-month, 6% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Espresso's year end, annu adjusting entries were made. On July 1, R. James paid the note and any remaining interest. Prepare the journal entries for Espresso to record the transactions only on the dates listed above. (List all debit entries before credit entries. Credit account titles are automatical indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2 Accounts Receivable 47000 Sales 47000 (To record sales) Cost of Goods Sold 30800 30800 Inventory (To record cost of merchandise sold) Feb. 1 Notes Payable Mar. 1 April 30 (To record cost of merchandise sold) Feb. 1 Notes Payable Mar. 1 April 30 July 1 >Get Answers to Unlimited Questions
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