1. The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:

   Date	transaction
   January 21.	Sold merchandise on account to Black Tie Co., $28,000. The cost of goods sold was $16,800.
   March 18.	Accepted a 60-day, 6% note for $28,000 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, terms 1/10, n/30, to Pioneer Co. for $17,700. Record the sale net of the discount. The cost of goods sold was $10,600.
   June 21.	Loaned $18,000 cash to JR Stutts, receiving a 30-day, 8% note.
   June 25.	Received from Pioneer Co. the amount due on the invoice of June 15, less 1% discount.
   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.)
   September 19.	Received from JR Stutts the amount due on her note of July 21.
   September 22.	Sold merchandise on account to Wycoff Co., $20,000. The cost of goods sold was $12,000.
   October 14.	Accepted a 30-day, 6% note for $20,000 from Wycoff Co. on account.
   November 13.	Wycoff Co. dishonored 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:

   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. Assume this is a year in which February has 28 days.

   Date	Account	Debit	Credit
   Jan. 21-sale	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.Allowance for Doubtful AccountsNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.Allowance for Doubtful AccountsNotes ReceivableSales	- Select -	- Select -
   Jan. 21-cost	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.Cost of Goods SoldInventorySales	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.InventoryNotes ReceivableSales	- Select -	- Select -
   Mar. 18	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.InventoryNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.Allowance for Doubtful AccountsNotes ReceivableSales	- Select -	- Select -
   May 17	Accounts Payable-Black Tie Co.CashInterest PayableInterest ReceivableInterest Revenue	- Select -	- Select -
   	Accounts Payable-Black Tie Co.CashInventoryNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Pioneer CoAllowance for Doubtful AccountsCashInterest RevenueSales	- Select -	- Select -
   June 15-sales	Accounts Payable-Black Tie Co.Accounts Receivable-Pioneer Co.Allowance for Doubtful AccountsNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Pioneer Co.Allowance for Doubtful AccountsNotes ReceivableSales	- Select -	- Select -
   June 15-cost	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.Cost of Goods SoldInventorySales	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.InventoryNotes ReceivableSales	- Select -	- Select -
   June 21	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInventoryNotes Receivable	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInventoryNotes Receivable	- Select -	- Select -
   June 25	Accounts Payable-Black Tie Co.Accounts Receivable-Pioneer Co.CashInventoryNotes Receivable	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Pioneer Co.Allowance for Doubtful AccountsCashNotes Receivable	- Select -	- Select -
   July 21	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInventoryNotes Receivable	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInventoryNotes Receivable	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.CashInventoryNotes Receivable	- Select -	- Select -
   	Accounts Payable-Pioneer CoAccounts Receivable-Pioneer Co.Allowance for Doubtful AccountsCashInterest Revenue	- Select -	- Select -
   Sept. 19	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Allowance for Doubtful AccountsCashNotes Receivable	- Select -	- Select -
   	Accounts PayableAccounts ReceivableCashCost of Goods SoldNotes Receivable	- Select -	- Select -
   	Accounts Payable-Pioneer CoAccounts Receivable-Pioneer Co.Allowance for Doubtful AccountsCashInterest Revenue	- Select -	- Select -
   Sept. 22-sales	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Notes PayableNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Allowance for Doubtful AccountsBad Debt ExpenseSales	- Select -	- Select -
   Sept. 22-cost	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.Cost of Goods SoldInventorySales	- Select -	- Select -
   	Accounts Payable-Black Tie Co.Accounts Receivable-Black Tie Co.InventoryNotes ReceivableSales	- Select -	- Select -
   Oct. 14	Accounts PayableAccounts ReceivableCost of Goods SoldNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Notes PayableNotes ReceivableSales	- Select -	- Select -
   Nov. 13	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Notes PayableNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Cost of Goods SoldNotes ReceivableSales	- Select -	- Select -
   	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.Allowance for Doubtful AccountsInterest RevenueSales	- Select -	- Select -
   Dec. 28	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashNotes PayableNotes Receivable	- Select -	- Select -
   	Accounts Payable-Wycoff Co.Accounts Receivable-Wycoff Co.CashNotes PayableNotes Receivable	- Select -	- Select -
   	Accounts Payable-Pioneer CoAccounts Receivable-Pioneer Co.Allowance for Doubtful AccountsCashInterest Revenue	- Select -	- Select -