Question
Candy company had the following transactions during the current year Apr 8 received a $7200, 75 day, 10% note from L. Trance in payment of
Candy company had the following transactions during the current year
Apr 8 received a $7200, 75 day, 10% note from L. Trance in payment of account
May 24 wrote off customer J. Nut's account against the allowance for uncollectible accounts, $575
Jun 2 received payment of L. Trance's note in full
Sept 10 gave a $56000, 90 day, 11% note to H. Ali in payment of account
Sept 18 received payment of Nut's account, written off May 24
Dec 4 discounted its own $18000, 90 day note at the bank at 12%. Dec 9 paid principle and interest due on note to H. Ali
Dec 21 received a $75000, 60 day, 12% note from L. Cindy on account
Record the above transactions in general journal form
Make any necessary adjusting entries for interest at dec 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started