Record the following transactions in the general journal of Jesse's Plumbing Store. Assume Scotiabank charges merchants $0.50
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2013
Mar. 31 Recorded Scotiabank debit-card sales of $22,000, consisting of 1,500 transactions.
31 Recorded MasterCard credit-card sales of $33,000.
Apr. 1 Lent $22,000 to Sam Brown on a one-year, 4 percent note.
Dec. 31 Accrued interest revenue on the Brown note.
2014
Apr. 1 Received the maturity value of the note from Brown.
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...
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General Journal DATE 2013 ACCOUNT TITLES AND EXPLANATIONS POST REF DEBIT CREDIT Mar 31 Cash 212...View the full answer
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Related Book For 
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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