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record the above transactions The following selected transactions occurred for Clinton Corporation. The company...

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record the above transactions
The following selected transactions occurred for Clinton Corporation. The company uses a perpetual inventory system, has a May 31 year end, and adjusts its accounts annually. Feb. 1 3 26 Mar. 6 27 Sold merchandise for $8.500 on account (n/30) to Morgan Ltd. The cost of goods sold was $6,375. Sold $14.400 of merchandise costing $8,100 to Gauthier Company and accepted Gauthier's two-month, 6% note in payment. Interest is due at maturity. Sold $13,200 of merchandise to Mathias Corp., terms n/30. The cost of the merchandise sold was $6,900. Sold, on account (n/30), 54,200 of merchandise that cost $2,700 to Superior Limited. Accepted a two-month, 8%. $13,200 note from Mathias in settlement of its account. (See February 26 transaction.) Interest is due at maturity. Collected the Gauthier note in full. (See Febuary 3 transaction.) The Mathias note of March 27 was dishonoured. It is expected that Mathias will eventually pay the amount owed. Recorded accrued interest for three months on outstanding interest on the receivables overdue from Morgan and Superior Interest on unpaid receivables is charged at 24% per annum 12% per month). (See February 1 and March 6 transactions Apr. 3 May 27 31

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