On January 2, H55 Ltd. sold merchandise on account to R. Michael for $51,000, terms...
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On January H Ltd sold merchandise on account to R Michael for $ terms n The company uses a perpetual inventory system and the merchandise originally cost $ On February R Michael gave a fivemonth, note in settlement of this account. Interest is due at the beginning of each month, starting March On April Hs year end, annual adjusting entries were made. On July R Michael paid the note and any remaining interest. Prepare the journal entries for to record the above transactions. List all debit entries before credit entries. Credit account titles are automatically 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. Record entries in the order displayed in the problem statement. Date Account Titles and Explanation Debit Credit Accounts Receivable To record sales Accounts Receivable To record cost of merchandise sold Interest Receivable Revenue Cost of Goods Sold Sales Returns and Allowances Cost of Goods Sold Sales Returns and Allowances Accounts Receivable 
On January H Ltd sold merchandise on account to R Michael for $ terms n The company uses a perpetual inventory
system and the merchandise originally cost $ On February R Michael gave a fivemonth, note in settlement of this
account. Interest is due at the beginning of each month, starting March On April Hs year end, annual adjusting entries were
made. On July R Michael paid the note and any remaining interest. Prepare the journal entries for to record the above
transactions. List all debit entries before credit entries. Credit account titles are automatically 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. Record entries in the order displayed
in the problem statement.
Date
Account Titles and Explanation
Debit
Credit
Accounts Receivable
To record sales
Accounts Receivable
To record cost of merchandise sold
Interest Receivable
Revenue
Cost of Goods Sold
Sales Returns and Allowances
Cost of Goods Sold
Sales Returns and Allowances
Accounts Receivable
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