ignore the existing journal entries
Current Attempt in Progress Cullumber Compary has a May 31 fiscal year end and adjusts accounts annually. Selected transactions in the year included the following: Jan. 2 Sold $23,400 of merchandise to Sapounas Company, terms n/30. The cost of the goods sold was $14,040, Cullumber uses the perpetual inventory system. Feb.1 Accepted a $23,400, five-month, 5% promissory note from Sapounas Company for the balance due. (See January 2 . transaction.) Interest is payable at maturity. 15 Sold $16,800 of merchandise costing $10,080 to Garrison Company and accepted Garrison's three-month, 5% note in payment. Interest is payable at maturity. Mar. Sold $11,900 of merchandise to Hoffman Co, terms n/30. The cost of the merchandise sold was $7,140. 31 Accrued interest at year end. July 1 Sapounas Company dishonoured its note of February 1. The company is bankrupt and there is no hope of future settlement: 13 Sold $6,000 merchandise costing $3,600 to Weber Enterprises and accepted Weber's $6,000, three-month, 7\$ note for the amount due, with interest payable at maturity. Oct. The Weber Enterprises note was dishonoured. (See July 13 transaction.) it is expected that Weber will eventually pay 13 the amount owed. Record the above transactions. (Round answers to 0 decimal places, e 8. 5,275. Credit account titles are outomatically lndented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Lht all. Record the above transactions. (Round answers to O decimal ploces, eg. 5,275. Credit occount titles are automatically indented when the amount Is entered, Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Llst all debit entries before credit entries. Record journal entries in the order presented in the probiem.) (To record sale on account) Cost of Goods Sold Sales (To record cost of goods sold.) (To record sale on account) (To record cost of goods sold.) Cash 11900 Accounts Recelvable. (To record sale on account) (To record cost of goods sold.)
