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. Mar. 18. May 17. June 15. 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. 21. Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8% note. 25. Received from Pioneer Co. the mount 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. Oct. 14. 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. Accepted a 30-day, 6% note for $20,000 from Wycoff Co. on account. Nov. 13. Wycoff Co. dishonored the note dated October 14. Dec. 28. 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. 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 Jan. 21-sale Accounts Receivable-Black Tie Co. Sales 28,000 28,000 Jan. 21-cost Cost of Goods Sold 16,800 Inventory 16,800 Mar. 18 Notes Receivable 28,000 V Accounts Receivable-Black Tie Co. 28,000 May 17 Cash Notes Receivable Interest Revenue 28,280 V 28,000 280 June 15-sales Accounts Receivable-Pioneer Co. Sales June 15-cost Cost of Goods Sold Inventory June 21 Notes Receivable Cash 17,700 X 20,000 X 10,600