Chapter $8$ Homework $($L$08\mathrm{.}4,8\mathrm{.}6)$

eBook

Sales and notes receivable transactions

The following were selected from among the transactions completed during the current year by Danix Wholesale Appliances:

January $21.$ Sold merchandise on account to Black Tie Co$.,$ $$28,000.$ The cost of goods sold was $$16,800.$

March $18.$ Accepted a $60-$day, $6\%$ note for $$28,000$ from Black Tie Co$.$ on account.

May $17.$ Received from Black Tie Co$.$ the amount due on the note of March $18.$

June $15.$ Sold merchandise on account, terms $\frac{n}{30},$ to Pioneer Co$.$ for $$17,700.$ The cost of goods sold was $$10,600.$

June $21.$ Loaned $$18,000$ cash to JR Stutts, receiving a $30-$day, $8\%$ note.

June $25.$ Received from Pioneer Co$.$ the amount due on the invoice of June $15.$

July $21.$ Received the interest due from JR Stutts and a new $60-$day, $9\%$ note as a renewal of the loan of June $21.($Record both the debit and the credit to the notes receivable account.$)$

September $19.$ Received from JR Stutts the amount due on her note of July $21.$

September $22.$ Sold merchandise on account to Wycoff Co$.,$ $$20,000.$ The cost of goods sold was $$12,000.$

October $14.$ Accepted a $30-$day, $6\%$ note for $$20,000$ from Wycoff Co$.$ on account.

November $13.$ Wycoff Co$.$ dishonored the note dated October $14.$

December $28.$ Received from Wycoff Co$.$ the amount owed on the dishonored note, plus interest for $45$ days at $8\%$ computed on the maturity value of the note.

Required:

Journalize the entries to record the transactions. Assume $360$ days in a year. If an amount box does not require an entry, leave it blank. Assume