Notes receivable entries jk pratt co had the following, Ask an Expert

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NOTES RECEIVABLE ENTRIES J.K. Pratt Co. had the following transactions:

20-1

July 20 Received a $750, 30-day, 10% note from J. Akita in payment for sale of merchandise

Aug 19 J. Akita paid note issued July 20 plus interest

Aug 25 Sold merchandise on account to L. Beene, $1,100

Sep 5 L. Beene paid $100 and gave $1,000, 30-day, 12% note to extend time for payment

Oct 5 L. Beene paid note issued September 5, plus interest

Oct 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 11% note

Nov 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days

Dec 9 R. Harris paid note extended on November 9, plus interest

Dec 10 Sold merchandise on account to B. Kraus, $1,500

Dec 15 B. Kraus paid $150 on merchandise purchased on account, and gave a $1,350, 30-day, 12% note to extend time for payment
20-2

Jan 14 B. Kraus's note on December 15 is dishonored

Feb 13 Collected B. Kraus's dishonored note, plus interest at 12% on the maturity value

REQUIRED

Record the transactions in a general ledger

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91671391

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