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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
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. When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.
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