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The Crown Company had the following transactions involving notes receivable during 2019. Mar. 10 Received a 90-day, 10 percent note for $6,000 from Morgan Corp.,
The Crown Company had the following transactions involving notes receivable during 2019.
Mar. | 10 | Received a 90-day, 10 percent note for $6,000 from Morgan Corp., a customer whose account was overdue. |
Apr. | 29 | Discounted the note received from Morgan Corp. at the Security Bank. The bank charged a discount rate of 12 percent. |
June | 8 | Received notice from Security Bank that Morgan Corp. had paid the note and the interest. |
Aug. | 10 | Received a 30-day, 8-percent note for $1,800 from Andrew Ochoa, a customer whose account was overdue. |
sept. | 9 | Received the amount due from Andrew Ochoa. |
Prepare the entries in general journal from to record these transactions. (Assume 360 days in a year.)
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