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 , $40,800 The cost of merchandise sold was $24,480 Mar 18 Accepted a 60 day, 8 note for $40,800 from Black Tie Co on account May 17 Received from Black Tie Co the amount due on the note of March 18 June 15 Sold merchandise on account to Pioneer Co for $14,500 The cost of merchandise sold was $8,700 21 Loaned $12,000 cash to JR Stutts, receiving a 30 day, 6 note 25 Received from Pioneer Co the amount due on the invoice of June 15 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 Received from JR Stutts the amount due on her note of July 21 22 Sold merchandise on account to Wycoff Co , $40,000 The cost of merchandise sold was $24,000 Oct 14 Accepted a 60 day, 6 note for $40,000 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 15 days at 12 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 Jan 21 sale Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashNotes ReceivableSalesAccounts Receivable Black Tie Co Accounts Receivable Black Tie Co Accounts Receivable Black Tie Co Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashNotes ReceivableSalesSales Sales Sales Jan 21 cost Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashCost of Merchandise SoldMerchandise InventoryCost of Merchandise Sold Cost of Merchandise Sold Cost of Merchandise Sold Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashCost of Merchandise SoldMerchandise InventoryMerchandise Inventory Merchandise Inventory Merchandise Inventory Mar 18 Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashNotes PayableNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashNotes PayableNotes ReceivableAccounts Receivable Black Tie Co Accounts Receivable Black Tie Co Accounts Receivable Black Tie Co May 17 Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashInterest RevenueNotes ReceivableCash Cash Cash Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashNotes PayableNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts Payable Black Tie Co Accounts Receivable Black Tie Co CashInterest ReceivableInterest RevenueInterest Revenue Interest Revenue Interest Revenue June 15 sale Accounts Payable Pioneer CoAccounts Receivable Pioneer Co CashSalesSales DiscountsAccounts Receivable Pioneer Co Accounts Receivable Pioneer Co Accounts Receivable Pioneer Co Accounts Payable Pioneer CoAccounts Receivable Pioneer Co CashSalesSales DiscountsSales Sales Sales June 15 cost Accounts Payable Pioneer Co Accounts Receivable Pioneer Co CashCost of Merchandise SoldMerchandise InventoryCost of Merchandise Sold Cost of Merchandise Sold Cost of Merchandise Sold Accounts Payable Pioneer Co Accounts Receivable Pioneer Co CashCost of Merchandise SoldMerchandise InventoryMerchandise Inventory Merchandise Inventory Merchandise Inventory June 21 Accounts PayableAccounts ReceivableCashInterest RevenueNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts PayableAccounts ReceivableCashInterest RevenueNotes ReceivableCash Cash Cash June 25 Accounts Payable Pioneer Co Accounts Receivable Pioneer Co CashSalesSales Returns and AllowancesCash Cash Cash Accounts Payable Pioneer Co Accounts Receivable Pioneer Co CashSales DiscountsSalesAccounts Receivable Pioneer Co Accounts Receivable Pioneer Co Accounts Receivable Pioneer Co July 21 Accounts PayableAccounts ReceivableInterest PayableInterest RevenueNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts PayableAccounts ReceivableCashInterest ExpenseInterest RevenueCash Cash Cash Accounts PayableAccounts ReceivableCashInterest PayableNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsInterest RevenueUnearned InterestInterest Revenue Interest Revenue Interest Revenue Sept 19 note Accounts PayableAccounts ReceivableCashInterest RevenueNotes ReceivableCash Cash Cash Accounts PayableAccounts ReceivableCashInterest ReceivableNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts PayableAccounts ReceivableCashInterest RevenueNotes PayableInterest Revenue Interest Revenue Interest Revenue Sept 22 sale Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashSalesSales DiscountsAccounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashSalesSales DiscountsSales Sales Sales Sept 22 cost Accounts PayableAccounts ReceivableCost of Merchandise SoldMerchandise InventorySalesCost of Merchandise Sold Cost of Merchandise Sold Cost of Merchandise Sold Accounts PayableAccounts ReceivableCost of Merchandise SoldMerchandise InventorySalesMerchandise Inventory Merchandise Inventory Merchandise Inventory Oct 14 Accounts Payable Wycoff Co Accounts Receivable Wycoff Co Notes PayableNotes ReceivableSalesNotes Receivable Notes Receivable Notes Receivable Accounts Payable Wycoff Co Accounts Receivable Wycoff Co Notes PayableNotes ReceivableSalesAccounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Receivable Wycoff Co Nov 13 Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashInterest RevenueNotes ReceivableAccounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashNotes PayableNotes ReceivableNotes Receivable Notes Receivable Notes Receivable Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashInterest ReceivableInterest RevenueInterest Revenue Interest Revenue Interest Revenue Dec 28 Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashInterest RevenueNotes ReceivableCash Cash Cash Accounts Payable Wycoff Co Accounts Receivable Wycoff Co CashInterest ReceivableNotes ReceivableAccounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Receivable Wycoff Co Accounts Payable Wycoff Co CashInterest ReceivableInterest RevenueNotes ReceivableInterest Revenue Interest Revenue Interest Revenue

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 22, 2024

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

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., $40,800. The cost of merchandise sold was $24,480.
Mar. 18		Accepted a 60-day, 8% note for $40,800 from Black Tie Co. on account.
May 17		Received from Black Tie Co. the amount due on the note of March 18.
June 15		Sold merchandise on account to Pioneer Co. for $14,500. The cost of merchandise sold was $8,700.
21		Loaned $12,000 cash to JR Stutts, receiving a 30-day, 6% note.
25		Received from Pioneer Co. the amount due on the invoice of June 15.
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		Received from JR Stutts the amount due on her note of July 21.
22		Sold merchandise on account to Wycoff Co., $40,000. The cost of merchandise sold was $24,000.
Oct. 14		Accepted a 60-day, 6% note for $40,000 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 15 days at 12% 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.

Jan. 21-sale	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashNotes ReceivableSalesAccounts Receivable-Black Tie Co.	Accounts Receivable-Black Tie Co.	Accounts Receivable-Black Tie Co.
	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashNotes ReceivableSalesSales	Sales	Sales
Jan. 21-cost	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashCost of Merchandise SoldMerchandise InventoryCost of Merchandise Sold	Cost of Merchandise Sold	Cost of Merchandise Sold
	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashCost of Merchandise SoldMerchandise InventoryMerchandise Inventory	Merchandise Inventory	Merchandise Inventory
Mar. 18	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashNotes PayableNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashNotes PayableNotes ReceivableAccounts Receivable-Black Tie Co.	Accounts Receivable-Black Tie Co.	Accounts Receivable-Black Tie Co.
May 17	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInterest RevenueNotes ReceivableCash	Cash	Cash
	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashNotes PayableNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInterest ReceivableInterest RevenueInterest Revenue	Interest Revenue	Interest Revenue
June 15-sale	Accounts Payable-Pioneer CoAccounts Receivable-Pioneer Co.CashSalesSales DiscountsAccounts Receivable-Pioneer Co.	Accounts Receivable-Pioneer Co.	Accounts Receivable-Pioneer Co.
	Accounts Payable-Pioneer CoAccounts Receivable-Pioneer Co.CashSalesSales DiscountsSales	Sales	Sales
June 15-cost	Accounts Payable-Pioneer Co.Accounts Receivable-Pioneer Co.CashCost of Merchandise SoldMerchandise InventoryCost of Merchandise Sold	Cost of Merchandise Sold	Cost of Merchandise Sold
	Accounts Payable-Pioneer Co.Accounts Receivable-Pioneer Co.CashCost of Merchandise SoldMerchandise InventoryMerchandise Inventory	Merchandise Inventory	Merchandise Inventory
June 21	Accounts PayableAccounts ReceivableCashInterest RevenueNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts PayableAccounts ReceivableCashInterest RevenueNotes ReceivableCash	Cash	Cash
June 25	Accounts Payable-Pioneer Co.Accounts Receivable-Pioneer Co.CashSalesSales Returns and AllowancesCash	Cash	Cash
	Accounts Payable-Pioneer Co.Accounts Receivable-Pioneer Co.CashSales DiscountsSalesAccounts Receivable-Pioneer Co.	Accounts Receivable-Pioneer Co.	Accounts Receivable-Pioneer Co.
July 21	Accounts PayableAccounts ReceivableInterest PayableInterest RevenueNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts PayableAccounts ReceivableCashInterest ExpenseInterest RevenueCash	Cash	Cash
	Accounts PayableAccounts ReceivableCashInterest PayableNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsInterest RevenueUnearned InterestInterest Revenue	Interest Revenue	Interest Revenue
Sept. 19-note	Accounts PayableAccounts ReceivableCashInterest RevenueNotes ReceivableCash	Cash	Cash
	Accounts PayableAccounts ReceivableCashInterest ReceivableNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts PayableAccounts ReceivableCashInterest RevenueNotes PayableInterest Revenue	Interest Revenue	Interest Revenue
Sept. 22-sale	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashSalesSales DiscountsAccounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.
	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashSalesSales DiscountsSales	Sales	Sales
Sept. 22-cost	Accounts PayableAccounts ReceivableCost of Merchandise SoldMerchandise InventorySalesCost of Merchandise Sold	Cost of Merchandise Sold	Cost of Merchandise Sold
	Accounts PayableAccounts ReceivableCost of Merchandise SoldMerchandise InventorySalesMerchandise Inventory	Merchandise Inventory	Merchandise Inventory
Oct. 14	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Notes PayableNotes ReceivableSalesNotes Receivable	Notes Receivable	Notes Receivable
	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Notes PayableNotes ReceivableSalesAccounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.
Nov. 13	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashInterest RevenueNotes ReceivableAccounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.
	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashNotes PayableNotes ReceivableNotes Receivable	Notes Receivable	Notes Receivable
	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashInterest ReceivableInterest RevenueInterest Revenue	Interest Revenue	Interest Revenue
Dec. 28	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashInterest RevenueNotes ReceivableCash	Cash	Cash
	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashInterest ReceivableNotes ReceivableAccounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.	Accounts Receivable-Wycoff Co.
	Accounts Payable-Wycoff Co.CashInterest ReceivableInterest RevenueNotes ReceivableInterest Revenue	Interest Revenue	Interest Revenue