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Record the following transactions for Pro Line Communications Inc. in the general journal. May 30 Accepted a 60-day, 12% note for $11,000 from Photo Master
Record the following transactions for Pro Line Communications Inc. in the general journal.
May 30 | Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an account receivable. |
July 16 | Accepted a 60-day, 11% note for $6,000 from Impact Images as payment on an account receivable. |
29 | Received interest due on Photo Master note. The note is renewed for 45 days at 13% interest. |
Aug. 15 | Discounted the note from Impact Images at the bank at a 10% discount rate. |
28 | Received full payment of the Photo Master note. |
Sept. 14 | Received notice from the bank that the Impact Images note is dishonored. Pro Line Communications Inc. paid the bank for the dishonored note plus interest. |
Oct. 20 | The dishonored Impact Images note is paid, plus 10% interest on the maturity value. |
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