M. L. DiMaurizio had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.
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M. L. DiMaurizio had the following notes receivable transactions:
REQUIRED Record the transactions in a general journal.
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20-3 June 20 July 20 25 Aug. 4 Sept. 3 10 Oct. 10 Nov. 9 10 25 Dec. 25 20-4 Jan. 13 Received a $2,400, 30-day, 10% note from K. Lorenzo in payment for sale of merchandise. K. Lorenzo paid the note plus interest. Sold merchandise on account to R. Boone, $5,600. R. Boone paid $600 and gave a $5,000, 30-day, 12% note to extend time for payment. R. Boone paid the note plus interest. Sold merchandise to T. Akins for $3,000: $400 plus a $2,600, 30-day, 11% note. T. Akins paid $600, plus interest, and extended the note ($2,000) for 30 days. T. Akins paid the note plus interest. Sold merchandise on account to J. Brown, $5,000. J. Brown paid $1,000 and gave a $4,000, 30-day, 12% note to extend time for payment. J. Brown's note is dishonored. J. Brown's dishonored note is collected, plus interest at 12% on the maturity value.
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