Recognizing Accounts Receivable On June 7, Bixby Co. sells $850 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21.

1. Prepare the entry on Bixby's books to record the sale.
2. Prepare the entry on Bixby's books to record the receipt of payment.

a.

General Journal
Date	Description	Debit	Credit
June 7	AnswerAccounts ReceivableCashSales	Answer	Answer
	AnswerAccounts ReceivableCashSales	Answer	Answer
	To record sales of merchandise.

b.

General Journal
Date	Description	Debit	Credit
June 21	AnswerAccounts ReceivableCashSales	Answer	Answer
	AnswerAccounts ReceivableCashSales	Answer	Answer
	To record receipt of cash from customer.

Question 2

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Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of the following notes: (Use 360 days for interest calculation. Round to the nearest dollar.)

	Date of Note	Principal	Interest Rate	Term
a.	August 5	$6,000	8%	190 days
b.	May 10	16,800	7%	160 days
c.	October 20	24,000	9%	115 days
d.	July 06	4,500	10%	130 days
e.	September 15	9,000	8%	145 days

	Maturity Date
	Month	Day	Interest
a.	AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary	Answer	Answer
b.	AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary	Answer	Answer
c.	AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary	Answer	Answer
d.	AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary	Answer	Answer
e.	AnswerDecemberNovemberOctoberSeptemberAugustJulyJuneMayAprilMarchFebruaryJanuary	Answer	Answer

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