Journal entry for all of these
One of Natalie's friends. Curtis Lesperance, runs a coffee shop where he sells specialty coffees and prepares and sells mutfins and cookies. He is eager to buy one of Natalie's fine European mixers. which would enable him to make larger batches of mutfins and cookies. However, Curtis cannot afford to pay for the mixer for at least 30 days. He asks Natalie if she would be willing to sell him the mbeer on credit. The following transactions occurred in June through August. June 1 After much thought, Natalie sells a mixer to Curtis on credit, terms n/30, for 51,100 (cost of miker 5600 ). 2 Natalie me 15 with the bank manager and arranges to get access to a credit card account. The terms of credit card transactions are 3x of the sales transactions and a monthly equipment rental charge of $75. 30. Natalie teaches 13 classes in June. Seven classes were paid for in cash. $1,050, the other six classes were pald for by credit card, 5900 . 30 Natalie receives and reconciles her bank statement. She makes sure that the bank has correctly processed the monthly 575 charge for the rental of the credit card equipment and the 3x fee on the credit card transactions. 30 Curtis calls Natalie. He is unsble to pay the amount outstanding for another month so he signs a one-month, 6 note July 15 Natalie sells a mizer to a friend of Curtis. The friend pan $1.100 for the mixer by credit card (c0st of mixer $600). 30. Natalie teaches 16 classes in July fight classes are paid for in cash, 51,200 , eight classes are paid for by credit card. 31. Notulle recanciles her banks statement and makes sure the bank has recorded the correct amounts for the rental of the tresit card equipment and the credit card rales 31 Curtis cilitiatalle. He cannot pay today but hopes to have a check for her at the end of the week Natalie accrues July intered. Aus 10 Curtic calf again and Natalie agees to evtend the note to fwo monthe. Curtis will repay the note on August 31. Heluane interest for 2 monthe. 31. Nighe rectives a ched from Curtis in gwyment of his balance plus interest outstanding