March. 4, 2012 Sold goods at a cost of $250,000 for $300,000 to nelson company, 2/10; n/30; FOB destination and transportation cost of $10,000 was paid by the nelson company .  

The seller reimbursed nelson company with the delivery fee.

March 8 Nelson company returned $30,000 items that were originally $20,000.

April 6, Received a 120-day 9% note from nelson company as a promise to pay the debt off .

Required:

Record all necessary entries for the above transactions.

Note was honored, make necessary journal entries on the maturity date (State the maturity date).

Note was dishonored, make necessary journal entries on the maturity date.

May 3, the note was discounted at 8% from the Westcher bank, make necessary entries for the discounting of the note.

Discounted note was honored on the maturity date, make necessary entries if any on the maturity date.

Previously discounted note was dishonored, the bank charged a fee of $140, make necessary entries for this fee from the bank.