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Marydale Products pemits its customers to dotet paymen by giving personal notes instoad of cash. All the notes bear interest and require the custaner to
Marydale Products pemits its customers to dotet paymen by giving personal notes instoad of cash. All the notes bear interest and require the custaner to pay the entie note in a single payment 5 months atier issuance. Consider the folowving transactions, which describe Marydale's experience with two such notes: a. On October 31, 2019, Marydale accepts a 6-month, 90 , note from Customer A in lieu of a 54,200 cashi paymect for services provided that day 1. On Fobruary 28, 2020, Marydale accepts a 6-month, 51,800,60 note fram Customer B in lieu af a s1,600 cash payment for aervices provided on that day. c. On Apri 30, 2020, Customer A pays the entire note plus imitest in cash. a. On Augisa 31, 2020, Cusiomer B pays the entire note plis inicres in cash Required: Prepare the necessacy journal and adfusting eotries required to record Tansactons a throuph of in Maydale re reonds
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