Sales and Notes Receivable Transactions The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company: Jan. 21. Sold merchandise on account to Black Tie Co., $28,000. The cost of goods sold was $16,800. Accepted a 60-day, 6% note for $28,000 from Black Tie Co. on account. Mar. 18. May 17. Received from Black Tie Co. the amount due on the note of March 18. June 15. Sold merchandise on account, terms 1/10, n/30, to Pioneer Co. for $17,700. Record the sale net of the discount. The cost of goods sold was $10,600. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8% note. 21. 25. Received from Pioneer Co. the amount due on the invoice of June 15, less 1% discount. July 21. Received the interest due from JR Stutts and a new 60-day, 9% note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivable account.) Sept. 19. Received from JR Stutts the amount due on her note of July 21. 22. Sold merchandise on account to Wycoff Co., $20,000. The cost of goods sold was $12,000. Oct. 14. Accepted a 30-day, 6% note for $20,000 from Wycoff Co. on account. Nov. 13. Wycoff Co. dishonored the note dated October 14. Received from Wycoff Co. the amount owed on the dishonored note, plus interest for 45 days at 8% computed on the Dec. 28. maturity value of the note. Required: Journalize the entries to record the transactions. Assume 360 days in a year. If an amount box does not require an entry, leave it blank. Assume this is a year in which February has 28 days. Jan. 21-sale Accounts Receivable-Black Tie Co. 28,000 Sales 28,000 Cost of Goods Sold Jan. 21-cost 16,800 Inventory 16,800 Mar. 18 28,000 Notes Receivable Accounts Receivable-Black Tie Co. 28,000 Cash May 17 28,280 280 Notes Receivable Interest Revenue 28,000 X 17,700 X June 15-sales Accounts Receivable-Pioneer Co. Sales 17,700 X June 15-cost 10,600 Cost of Goods Sold Inventory 10,600 June 21 Notes Receivable 18,000 Cash 18.000 Cash June 25 17,700 X Accounts Receivable-Pioneer Co. 17,700 July 21 18,000 120 Notes Receivable Cash Notes Receivable Interest Revenue 120 X 18,000 Cash Sept. 19 18,270 Notes Receivable 270 X Interest Revenue 18,000 X Sept. 22-sales Accounts Receivable-Wycoff Co. 20,000 Sales 20,000 Sept. 22-cost 12,000 Cost of Goods Sold Inventory 12,000 Accounts Receivable x_ Oct. 14 Nov. 13 Accounts Receivable-Wycoff Co. 20,100 Notes Receivable 20,000 Interest Revenue 1nn Cash Dec. 28 20,301 Accounts Receivable-Wycoff Co. V 201 Interest Revenue 20,100