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View Policies Current Attempt in Progress Sunland Supply Co. has the following transactions: Nov. 1 Loaned $67,200 cash to A. Morgan on a one-year, 8%
View Policies Current Attempt in Progress Sunland Supply Co. has the following transactions: Nov. 1 Loaned $67,200 cash to A. Morgan on a one-year, 8% note. 15 Sold goods to H. Giorgi on account for $14.400, terms n/30. The goods cost Sunland $9,000. Sunland uses the perpetual inventory Dec. 1 Sold goods to Wrightman, Inc., receiving a $22,800, three-month, 6% note. The goods cost Sunland $15,200. 15 H. Giorgi was unable to pay her account. Giorgi gave Sunland a six-month, 7% note in settlement of her account. 31 Accrued interest revenue on all notes receivable. Interest is due at maturity. Mar. 1 Collected the amount owing on the Wrightman note. June 15 H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Sunland Supply Co. Sunland Supply Co. has no stated return policy. (Credit account titles are automatically indented w Date Account Titles and Explanation Notes Receivable - Morgan Debit Credit Nov. 1 67200 Cash 67200 (Lencash in exchange for a note.) Accounts Receivable - Giorgi Nov. 15 14400 Sales 14400 (To record sales on account.) Dec. 1 Notes Receivable - Wrightman 22800 Sales (To record cost of goods sold.) Dec. 15 (To record sales in exchange for a note receivable.) (To record cost of goods sold.) MUSEU BOUSSUU (Accept note for accounts receivable.) (Accrue interest earned.) (To record collection of note receivable and interest.) (To record dishonouring of note where collection is expected.)
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