Chapter 8 Homework eBook Calculator Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $28,000. The cost of goods sold was $16,800, Mar. 18. Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account. May 17 Received from Black Tie Co, the amount due on the note of March 18. June 15. Sold merchandise on account, terms 1/10, 1/30, to Pioneer Co. for $17,700. Record the sale net of the discount. The cost of goods sold was $10,600. 21. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8% note. 25. Received from Pioneer Co, the amount due on the invoice of June 15, less 1% discount July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.) Sept. 19. Received from JR Stutts the amount due on her note of July 21. 22. Sold merchandise on account to Wycoff Co., $20,000. The cost of goods sold was $12,000 Oct. 14. Accepted a 30-day, 6% note for $20,000 from Wycoff Co. on account. Nov. 13. Wycoff Co. dishonored the note dated October 14. Dec. 28 Received from Wycoff Co, the amount owed on the dishonored note, plus interest for 45 days at 8% computed on the maturity value of the note. Required: Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume this is a year Jan. 21-sale Accounts Receivable-Black Tie Co. Sales Jan. 21-cost cost of Goods Sold Inventory Chapter 8 Homework eBook Calculator Jan. 21-sale Accounts Receivable-Black Tie Co. Sales Jan. 21-cost Cost of Goods Sold Inventory Mar. 18 Notes Receivable Accounts Receivable-Black Tie Co. May 17 Cash Notes Receivable Interest Revenue | 00 00 II II III II II IO | Pou vl II II III II II IO June 15-sales Accounts Receivable-Pioneer Co. Sales June 15-cost Cost of Goods Sold Inventory June 21 Notes Receivable Cash June 25 Cash Accounts Receivable-Pioneer Co. July 21 Notes Receivable July 21 Notes Receivable Cash Notes Receivable Interest Revenue Sept. 19 Sales Notes Receivable Interest Revenue Sept. 22-sales Accounts Receivable-Wycoff Co. Sales bol 111 II II II III III. DUI III II II II 101 1010 | Sept. 22-cost Cost of Goods Sold Inventory Oct. 14 Notes Receivable Accounts Receivable-Wycoff Co. Nov. 13 Accounts Receivable-Wycoff Co. Notes Receivable Interest Revenue Dec. 28 Cash Accounts Receivable-Wycoff Co. Interest Revenue Notes Receivable Interest Revenue Sept. 19 Sales Notes Receivable Interest Revenue Sept. 22-sales Accounts Receivable-Wycoff Co. Sales Sept. 22-cost Cost of Goods Sold Inventory 10 III II II II III III DII III II II II (10 II Notes Receivable Accounts Receivable-Wycoff Co. Nov. 13 Accounts Receivable-Wycoff Co. Notes Receivable Interest Revenue Dec. 28 Cash Accounts Receivable-Wycoff Co. v Interest Revenue Feedback
