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 Black Tie Co., $27,900. The cost of merchandise sold was $16,740. Accepted a 60-day, 8% note for $27,900 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 21 25 Sold merchandise on account Pioneer Co. for $13,300. The cost of merchandise sold was $7,980. Loaned $6,000 cash to JR Stutts, receiving a 30-day, 6% note. Received from Ploneer Co. the amount due on the invoice of June 15. 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.) July 21 Sept. 19 Received from JR Stutts the amount due on her note of July 21. 22 Oct. 14 Sold merchandise on account to Wycoff Co., $60,000. The cost of merchandise sold was $36,000. Accepted a 60-day, 6% note for $60,000 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 15 days at 12% computed on the maturity value of the note. Nov. 13 Dec. 28 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. Jan. 21-sale Accounts Receivable-Black Tie Co. Sales II II II II Jan. 21-cost Cost of Merchandise Sold Merchandise Inventory Mar. 18 Notes Receivable Accounts Receivable-Black Tie Co. May 17 Cash Notes Receivable Interest Revenue June 15-sale Accounts Receivable-Pioneer Co. Sales June 15-cost Cost of Merchandise Sold Merchandise Inventory II III II II II II IIII II III II II II II 1111 June 21 Notes Receivable Cash June 25 Cash Accounts Recelvable-Pioneer Co. July 21 Notes Receivable Cash Notes Receivable Interest Revenue Sept. 19-note Cash Notes Receivable Interest Revenue Sept. 22-sale Accounts Receivable-Wycoff Co. Sales Sept. 22-cost Cost of Merchandise Sold Merchandise Inventory Oct. 14 Notes Receivable III II II II III III III II II II III III Accounts Receivable-Wycoff Co. Nov. 13 Accounts Receivable-Wycoff Co. Notes Receivable Interest Revenue Dec. 28 Cash Accounts Receivable-Wycoff Co. Interest Revenue