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please send full answer View Policies Current Attempt in Progress Sunland Supply Co. has the following transactions: Nov. 1 Loaned $67,200 cash to A. Morgan
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View Policies Current Attempt in Progress Sunland Supply Co. has the following transactions: Nov. 1 Loaned $67,200 cash to A. Morgan on a one-year, 8% note. 15 Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Sunland $9,000. Sunland uses the perpetual inventory system. Dec. 1 Sold goods to Wrightman Inc, receiving a $22,800, three-month, 6% note. The goods cost Sunland $15,200. 15H. Giorgi was unable to pay her account. Giorgi gave Sunland a six-month, 7% note in settlement of her account. 31 Accrued interest revenue on all notes receivable. Interest is due at maturity. Mar. 1 Collected the amount owing on the Wrightman note. 15J.Giorgidefaultedonthenote.Futurepaymentisexpected. Record the transactions for Sunland Supply Co. (Credit account 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 " 0 " for the amounts. List all debit entries before credit entries. Record joumal entries in the order presented in the problem.) Date Account Titles Debit Credit Account Titles Debit Credit (To record sales on account.) (To record cost of goods sold.) (To record sales in exchange for a note receivable.) (To record cost of goods sold.) (To record sales in exchange for a note receivable.) (To record cost of goods sold.)Step by Step Solution
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