Sales and Notes Receivable Transactions

The following were selected from among the transactionscompleted during the current year by Danix Co., an appliancewholesale company:

Jan. 21.		Sold merchandise on account to Black Tie Co., $27,000. The costof merchandise sold was $16,200.
Mar. 18.		Accepted a 60-day, 6% note for $27,000 from Black Tie Co. onaccount.
May 17.		Received from Black Tie Co. the amount due on the note of March18.
June 15.		Sold merchandise on account to Pioneer Co. for $17,100. Thecost of merchandise sold was $10,260.
21.		Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8%note.
25.		Received from Pioneer Co. the amount due on the invoice of June15.
July 21.		Received the interest due from JR Stutts and a new 60-day, 9%note as a renewal of the loan of June 21. (Record both the debitand the credit to the notes receivable account.)
Sept. 19.		Received from JR Stutts the amount due on her note of July21.
22.		Sold merchandise on account to Wycoff Co., $60,000. The cost ofmerchandise sold was $36,000.
Oct. 14.		Accepted a 60-day, 6% note for $60,000 from Wycoff Co. onaccount.
Nov. 13.		Wycoff Co. dishonored the note dated October 14.
Dec. 28.		Received from Wycoff Co. the amount owed on the dishonorednote, plus interest for 15 days at 12% computed on the maturityvalue of the note.

Required:

Journalize the entries to record the transactions. Assume 360days in a year. For a compound entry, if an amount box does notrequire an entry, leave it

Jan. 21-sale
Jan. 21-cost
Mar. 18
May 17
June 15-sale
June 15-cost
June 21
June 25
July 21
Sept. 19-note
Sept. 22-sale
Sept. 22-cost
Oct. 14
Nov. 13
Dec. 28