Prepare entries in journal form to record the following transactions: E-13 Jan. 16 Sold merchandise to Meier
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Prepare entries in journal form to record the following transactions: E-13 Jan. 16 Sold merchandise to Meier Corporation on account for $36,000, terms n/30.
Feb. 15 Accepted a 90-day, 10 percent, $36,000 note from Meier Corporation in lieu of payment of account.
May 16 Meier Corporation dishonored the note.
June 15 Received payment in full from Meier Corporation, including interest at 10 percent from the date the note was dishonored.
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