Passera Supply Co. has the following transactions: Instructions Record the transactions for Passera Supply Co. Nov. 1
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Passera Supply Co. has the following transactions:
Instructions
Record the transactions for Passera Supply Co.
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Nov. 1 15 Dec. 1 15 Loaned $60,000 cash to A. Morgan on a one-year, 8% note. Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Passera $7,500. Passera uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $21,000, three-month, 6% note. The goods cost Passera $14,000. H. Giorgi was unable to pay her account. Giorgi gave Passera a six-month, 7% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. 31 Mar. 1 June 15 H. Giorgi defaulted on the note. Future payment is expected.
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Nov 1 Notes ReceivableMorgan Cash Lend cash in exchange for a note 15 Accounts ReceivableGiorgi Sale...View the full answer
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Related Book For
Accounting Principles Volume 1
ISBN: 9781119786818
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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