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: January 21. March 18. May 17. June 15. June 21. June 25. July 21. September 19. September 22. October 14. November 13. December 28. 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. Received from Black Tie Co. the amount due on the note of March 18. 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. Received from Pioneer Co. the amount due on the invoice of June 15, less 1% discount. 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.) Received from JR Stutts the amount due on her note of July 21. Sold merchandise on account to Wycoff Co., $20,000. The cost of goods sold was $12,000. Accepted a 30-day, 6% note for $20,000 from Wycoff Co. on account. 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 maturity value of the note. 4 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.

Check My Work 2 more Check My Work uses remaining. Dec. 28 Cash 20,301 Notes Payable x 201 x Accounts Recelvable-Ploneer Co.x 20,100 x Sales and notes receivabie transactions The following were selected from omong the transactions completed during the current year by Danix Co, an appliance wholesale company: January 21. Sold merchandise on account to Black. Tie Co $28,000. The cost of goods sold was $16,800. March 10. Accepted a 60 -day, 6% note for $28,000 from Elack Te Co, on account. May 17. Recelved 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. June 21. Loaned $18,000 cesh to JR Stutts, receiving a 30-dar, aw note. June 25. Recelved from Pioneer Co, the amount due on the invoice of June 15, iess 176 discount. July 21. Received the interest due from 275 tutts and a new 60 - day, 994 note as a renewal of the loan of June 21. (Record both the debit and the credit to the notes receivabie account.) September 19. Recelved from 28 Stutts the amount due on her note of July 21. September 22. Sold merchandise on account to Wrifolf Co., $20,000. The cost of geods soid was 512,000 . October 14, Accepted s 30-doy, 6hs note for \$20,000 from Wycoff co, on sccount. November 12. Wrceff Co. dishonered the note dated October 14. December 28. Received from Wycorf Co. the amount owed on the dishonered note, plus interest for 45 dars at 894 computed on the 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 wh February has 28 days