Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the

Question:

Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first.
201X
June 11 Lott Company sold $6,000 of merchandise on account to Radcliffe Company.
July 11 Lott Company received a 90-day, $4,000, 10% note for a time extension of past due account of Radcliffe Company.
Oct. 9 Collected the Radcliffe Company note on the date.
Oct. 9 Assume Radcliffe Company defaulted on its July 11 note and record the dishonored note.
Oct. 15 Radcliffe Company paid the note receivable that was dishonored on October 9 (no additional interest is charged).

Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...