Q. 1 (12 marks) Randy Inc. purchased $300,000 of athletic shoes on credit on April 15. On May 31, Randy asked for financial assistance from its supplier because it could not pay the bill on time. The supplier agreed to extend the due day by 6 months, to November 30, in exchange for a note due on November 30 with 8% interest.

Required: Prepare the necessary journal entries from April 15 through the payment on November 30.

Q. 1 (12 marks) Randy Inc. purchased $300,000 of athletic shoes on credit on April 15. On May 31, Randy asked for financial assistance from its supplier because it could not pay the bill on time. The supplier agreed to extend the due day by 6 months, to November 30, in exchange for a note due on November 30 with 8% interest. Required: Prepare the necessary journal entries from April 15 through payment on November 30