Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the
Question:
Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first. Both companies use the periodic inventory method.
201X
June 11 Lawton Company sold $6,500 of merchandise on account to Ritter Company.
July 11 Lawton Company received a 90-day, $5,000, 18% note for a time extension of a past due account of Ritter Company.
Oct. 9 Collected the Ritter Company note on the maturity date.
9 Assume Ritter Company defaulted on its July 11 note and record the dishonored note.
15 Ritter Company paid the note receivable that was dishonored on October 9 (no additional interest is charged).
MaturityMaturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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GENERAL JOURNAL Date 201X Account Titles and Description PR Dr Cr BuyerRitter Co Jun 11 Purchases 6 ...View the full answer
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Related Book For 
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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