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The following selected transactions occurred for Bleumortier Corporation. The company has a March 31 year end and adjusts accounts annually.

Jan.5	Sold $18,000 of merchandise to Brooks Limited, terms n/30. The cost of goods sold was $12,000.
Feb.1	Bleumortier has introduced its own credit card. Morgan Ltd. used the card to buy merchandise for $6,000 that cost Bleumortier $4,000. Interest on unpaid balances after 30 days is charged at 18% per annum.
2	Accepted a four-month, 6%, $18,000 promissory note from Brooks for the balance due. Interest is payable at maturity.
3	Sold $13,400 of merchandise costing $8,800 to Gauthier Company and accepted Gauthier's two-month, 6% note in payment. Interest is payable at maturity.
26	Sold $8,000 of merchandise to Mathias Corp., terms n/30. The cost of the merchandise sold was $5,400.
Mar.6	Sold $4,000 of merchandise that cost $3,000 to Superior Limited. Superior paid using a bank credit card that has a 3% fee.
31	Accepted a two-month, 7%, $8,000 note from Mathias for the balance due. Interest is payable at maturity.
31	Adjusted any accrued interest at year end on notes and credit card receivables.
Apr.1	Collected full payment from Morgan Ltd.
3	Collected the Gauthier note in full.
May31	The Mathias note of March 31 is dishonoured. It is expected that Mathias will eventually pay the amount owed.
June1	Collected the Brooks note in full.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9948603

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