Business, 15.04.2021 21:50 Jtblack2720
Jan 13 Sold merchandise on account to Black Tie Co., $34,800. The cost of goods sold was $20,880.
Mar 10 Accepted a 60-day, 8% note for $34,800 from Black Tie Co. on account.
May 9 Received from Black Tie Co. the amount due on the note of March 10.
June 10 Sold merchandise on account, terms 2/10, 1/30, to Holen for $13,300. Record the sale net of the discount. The cost of goods sold was $7,980.
June 15 Loaned 24,000 cash to Pioneer Co., receiving a 30-day, 6% note.
June 20 Received from Holen the amount due on the invoice of June 10, less 2% discount.
July 15 Received the interest due from Pioneer Co. and a new 60-day, 9% note as a renewal of the loan of June 15. (Record both the debit and the credit to
the notes receivable account.)
Received from Pioneer Co. the amount due on its note of july15
Sept 13
Sold merchandise on account to Wycoff Co., $40,000. The cost of goods sold was $24,000.
Oct 12 Accepted a 60-day, 6% note for $40,000 from Wycoff Co. on account.
Dec 11 Wycoff Co. dishonored the note dated October 12
Dec 26 Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 15 days at 12% computed on the maturity value of the note.
Answers: 1
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Answers: 2
Jan 13 Sold merchandise on account to Black Tie Co., $34,800. The cost of goods sold was $20,880.
M...
Mathematics, 22.06.2019 14:30