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5. The Quartz Company sells building materials (its merchandise). The company engaged in the following transactions involving its receivables during 2022. (1.5 pts. ea.-
5. The Quartz Company sells building materials (its merchandise). The company engaged in the following transactions involving its receivables during 2022. (1.5 pts. ea.- 10.5pts) Jan. 28 Apr. 28 Accepted a 90-day, 8 percent, $60,000 promissory note in settlement of an open account from Mosaic Company. Received payment from Mosaic Company for the note plus interest. May 19 Jul. 18 Aug. 10 Sold marble tiles for $80,000 to Horton Company. Received $50,000 in cash and a 60-day, 7 percent note for the balance. When asked to pay, Horton Company dishonored the note. Received a 90-day, 6 percent note for $70,000 from Ritz Company for the sale of solar panels. Nov. 8 Ritz Company dishonored the note. 28 Received payment in full from Ritz Company, including 11 percent interest for the 20 days since the note was dishonored. Required: Prepare entries in journal form to record the preceding transactions. Omit explanations. Assume a 360-day year.
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