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  3. the following selected transactions occurred for s

The following selected transactions occurred for Springfield Corporation. The company uses a perpetual inventory system,...

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Accounting

image The following selected transactions occurred for Springfield Corporation. The company uses a perpetual inventory system, has a June 30 year end, and adjusts its accounts annually. Jan. 5 Sold $12,600 of merchandise costing $6,300 to Nolet Company and accepted Nolet's four-month, 6% note in payment. Interest is due at maturity. 28 Sold, on account (n/30),$10,400 of merchandise that cost $7,000 to Poulin Limited. 31 Sold $13,600 of merchandise to Lavigne Corp., terms n/30. The cost of the merchandise sold was $11,500. Mar. 1 Sold merchandise for $8,400 on account ( n/30 ) to JP Ltd. The cost of goods sold was $6,600. 2 Accepted a three-month, 5%,$13,600 note from Lavigne in settlement of its account. (See January 31 transaction.) Interest is due at maturity. May 5 Collected the Nolet note in full. (See January 5 transaction.) June 4 The Lavigne note of March 2 was dishonoured. It is expected that Lavigne will eventually pay the amount owed. problem statement.)

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