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Question 1 of 9 View Policies Current Attempt in Progress Blossom Boat Company often requires customers to sign promissory notes for major credit purchases.
Question 1 of 9 View Policies Current Attempt in Progress Blossom Boat Company often requires customers to sign promissory notes for major credit purchases. Feb. 12 April 14 -/10 Accepted a $30,000, 6%, 60-day note from Bill Wiggins for the sale of a 19-foot motorboat built to his specifications. Received notification from Bill Wiggins that he was unable to honor his promissory note but that he expects to pay the amount owed in May. May 26 Received a check from Bill Wiggins for the total amount owed. June 10 Received notification by the bank that Bill Wiggins' check was being returned "NSF" and that Mr. Wiggins had declared personal bankruptcy. Journalize the above transactions for Blossom Boat Company. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Feb. 12 Notes Receivable 4 Sales Revenue Apr. 14 Accounts Receivable Debit Credit 30000 30300 30000 30000
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