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The following selected transactions occurred for Lawn Corporation. The company uses a perpetual inventory system, has a June 3 0 year end, and adjusts its
The following selected transactions occurred for Lawn Corporation. The company uses a perpetual inventory system, has a June year end, and adjusts its accounts annually.
Jan. Sold $ of merchandise costing $ to Nolet Company and accepted Nolet's fourmonth, note in payment. Interest is due at maturity.
Sold, on account $ of merchandise that cost $ to Poulin Limited.
Sold $ of merchandise to Lavigne Corp., terms The cost of the merchandise sold was $
Mar. Sold merchandise for $ on account to JP Ltd The cost of goods sold was $
Accepted a threemonth, $ note from Lavigne in settlement of its account. See January transaction. Interest is due at maturity.
May Collected the Nolet note in full. See January transaction.
June The Lavigne note of March was dishonoured. It is expected that Lavigne will eventually pay the amount owed.
Recorded accrued interest for outstanding receivables overdue from Poulin and JP Interest on unpaid receivables is charged at per annum per monthSee January and March transactions. Use simple interest calculation.
Record the above transactions. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.
Account Titles and Explanation
Debit
Credit
To record sales
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