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2. The Electronic Company sells Computers. The company engaged in the following transactions involving its receivable in 2017 and 2018. 2017 Jan. 18 Sold several
2. The Electronic Company sells Computers. The company engaged in the following transactions involving its receivable in 2017 and 2018. 2017 Jan. 18 Sold several computers to Mel Company on account for $20,000, terms 3/15, n/45. Accepted a $20,000, 45-day, 10% promissory note from Mel Company in settlement of their past due account. When asked to pay, Mel Company dishonored the note Received payment in full from Mel Co., including interest at 16% for the 25 days beyond the maturity date. Feb. 2 Mar. 18 Apr. 12 Aug. 13 Received a $45,000, 180-day, 8% note for the sale of computers to West Company Dec. 31 Prepare the adjusting entry for the accrued interest on the West Company' s
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