On January 2, Speedway Ltd. sold merchandise on account to R. Steven for $47,000, terms...
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On January 2, Speedway Ltd. sold merchandise on account to R. Steven for $47,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $30,500. On February 1, R. Steven gave Speedway 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, Speedway's year end, annual adjusting entries were made. On July 1, R. Steven paid the note and any remaining interest. Prepare the journal entries for Speedway to record the transactions only on the dates listed above.
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