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Mountain Hardware Suppy, Inc., sells on socount. When a customer account becomes four months old, Mountain Hardware Supply converts the account to a note receivable.
Mountain Hardware Suppy, Inc., sells on socount. When a customer account becomes four months old, Mountain Hardware Supply converts the account to a note receivable. During 2018, Mountain Hardware Supply completed these transactions: (Click the icon to view the transactions.) Requirement 1. Record the transactions in Mountain Hardware Supply, Inc.'s journal. Record debits first, then credits. Exclude explanations from any journal entries.) Record the sales on account Debit Credit Date May Journal Entry Accounts 29 Accounts receivabkt - I. Happy Sales revenue A More Info May Oct Record the receipt of the note 29 Sold goods on account to I. Hapay $17,000. Ignare cost of goods sold. 1 Received a $17,000, 60-day, 12% note from I. Happy, in satisfaction of ils past-due account receivable. 30 Collected the I. Happy, nole al maturity. Use 360-day year for interest computation and round to the nearest dollar. Nov Date Credit Journal Entry Accounts 1 Not receivable L. Happy Accounts receivable - 1. Happy Oct Print Done Record the collection of the Happy note. Journal Entry Date Accounts Debit Credit Nov 30 Cash Nole receivable - Happy Interest revenue Choose from any list or enter any number in the input fields and then continue to the next question. 2
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