Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales and notes receivable transactions The following were selected from among the transactions completed during thit current year by Danix Co, an appliance wholesale company:

image text in transcribed
image text in transcribed
Sales and notes receivable transactions The following were selected from among the transactions completed during thit current year by Danix Co, an appliance wholesale company: Jenuary 21 . March 18 : May 17. June 15 . June 21. June 25. July 21. September 19 Received from JR Stutts the amount due on her note of July 21. September 22. Sold merchandise on occount to Wreoff Co,$20,000. The cost of goods sold was $12,000. October 14. Accepted a 30-day, 6\% note for 120,000 from Wycot Co. on account. November 13. Wycoff Co, dithonared the note dated October 14. December 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: Sold merchandise on account to Black Tie Co. $28,000. The cost of goods soid was $16,800. Accepted a 60 -doy, 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 merchendise on account, terms 1/10,n/30, to Pioneer Co0. 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 Co0, 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 loen of June 21. (Record both the debit and the credit to the notes receivable account.) September 19 Received from JR Stutts the amount due on her note of July 21. 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. Assurne this is a year in which February has 28 days. 1 moce Check My Work uses remaning Sales and notes receivable transactions The following were selected from among the transactions completed during thit current year by Danix Co, an appliance wholesale company: Jenuary 21 . March 18 : May 17. June 15 . June 21. June 25. July 21. September 19 Received from JR Stutts the amount due on her note of July 21. September 22. Sold merchandise on occount to Wreoff Co,$20,000. The cost of goods sold was $12,000. October 14. Accepted a 30-day, 6\% note for 120,000 from Wycot Co. on account. November 13. Wycoff Co, dithonared the note dated October 14. December 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: Sold merchandise on account to Black Tie Co. $28,000. The cost of goods soid was $16,800. Accepted a 60 -doy, 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 merchendise on account, terms 1/10,n/30, to Pioneer Co0. 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 Co0, 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 loen of June 21. (Record both the debit and the credit to the notes receivable account.) September 19 Received from JR Stutts the amount due on her note of July 21. 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. Assurne this is a year in which February has 28 days. 1 moce Check My Work uses remaning

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Alvin A. Arens . Randal J. Elder . Mark S. Beasley

18th Global Edition

1292448989, 978-1292448985

More Books

Students also viewed these Accounting questions