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Journalize the following entries for (1) the buyer and (2) the seller for 201X. Record all entries for the buyer first. June 11 LePorte Company
Journalize the following entries for (1) the buyer and (2) the seller for 201X. Record all entries for the buyer first.
| June 11 | LePorte Company sold $9,000 of merchandise on account to Ramsey Company. |
| July 11 | LePorte Company received a 90-day, $3,000, 16% note for a time extension of a past due account of Ramsey Company. |
| Oct. 9 | Collected the Ramsey Company note on the maturity date. |
| Oct. 9 | Assume Ramsey Company defaulted on its July 11 note and record the dishonored note. |
| Oct. 15 | Ramsey Company paid the note receivable that was dishonored on October 9 (no additional interest is charged). |
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The buyer must record the inventory purchase and the related Accounts Payable as well the note issue...
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College Accounting A Practical Approach
Authors: Jeffrey Slater
12th edition
978-0132772068, 133468100, 013277206X, 9780133468106, 978-0133133233
