Problem $1$: P$9-31$A

Background:

Sleepy Recliner Chairs completed the transactions listed in the

Transactions section below related to receivables during its fiscal year.

Assignment:

Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction. Round any calculations to the nearest dollar.

Click the Reports tab and review the results of recording these transactions on the General Ledger.

Click Submit Work when complete.

Transactions:

$07/01/2018$ Sold merchandise inventory to Stan$-$Mart, receiving a $$41,000,$ nine$-$month, $8\%$ note. Ignore Cost of Goods Sold.

$08/01/2018$ Sold merchandise to Appeal Company, receiving a $60-$day, $6\%$ note for $$7,000.$ Ignore Cost of Goods Sold.

$09/30/2018$ Appeal Company dishonored its note at maturity. The business converted the maturity value of the note to an accounts receivable.

$04/01/2019$ Collected the maturity value of the Stan$-$Mart hote.

BUSINESS

REPORTS

July $1,2018-$ June $30,2019$

COMPANY INFORMATION Chart OF Accounts GENERAL JourNAL $q,$

$\backslash$table$[[,$Date,,Accounts,Debit$],[,$No transactions in Journal,,Credit,$]]$