Question: Henry Inc. usually needs customers to sign notes for major credit purchases. Record the following transactions for Henry: Feb 12 Accepted a $42,000, 4%, 2-month

Henry Inc. usually needs customers to sign notes for major credit purchases. Record the following transactions for Henry:

Feb 12 Accepted a $42,000, 4%, 2-month note from Brian for a 19-foot motorboat built to his specifications. Interest is due at maturity. The company uses the perpetual inventory method.

Apr 14 Received notification from Brian that he was unable to honour his note but that he expects to pay the amount owed next month.

May 26 Received a cheque from Brian for the total amount owed.

Jun 1 Received notification by the bank that Brians cheque was being returned "NSF" and that Brian had declared personal bankruptcy.

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