Q2. (25 marks) Prepare general journal entries for the following transactions of Laurier Company, who use the perpetual inventory system: Apr. 1 Sold $12.500 of merchandise (Cost $10,500) to flight Co., receiving a (10%, 120-day note. 15 Wrote off $2,000 owed by FCB Co. as worthless. (The allowance method of accounting for bad debts is used) 30 Received a $10,800, 10%, 30-day note receivable from Cruise Co. as an extension of credit. May 1 Issued a $7,000, 9%, 60 day note to Auggie Co. for cash. 30 Note received on April 30 was collected. Tuina 30 Aueria Chanaad Max1. nata ody) 10 A A BUDAYA 30 Note received on April 30 was collected. Ev Ev June 30 Auggie Co. honoured May 1st note. 30 Accrued interest on outstanding notes. July 15 FCB Co. paid $1,000 of the amount written off on April 15 above. Laurier does not expect to receive any further payments. Apr. 1 15 30