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 perpetual inventory method. Assume a 360 day year.
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201X June 11 lyons Company sold $8,000 of merchandise costing $7,000 on account to Ramsay Сompany. July 11 lyons Company received a 90-day, $3,500, 4% note for a time extension of past-due account of Ramsey Company. 9 Collected the Ramsey Company note on the maturity date. 9 Assume Ramsey Company defaulted on its July 11 note and record the dishonored note. Ot. Oct. Oct. 15 Ramsey Company paid the note receivable that was dishonored on October 9 (no additional interest is charged).
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GENERAL JOURNAL PAGE 1 Date 201X Account Titles and Description PR Dr Cr Buyer Ramsey Co June 11 Mer...View the full answer
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College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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