This project requires you to 1) record all the necessary entries for a company's notes receivable transaction, and 2) record a chart for various inventory methods computing sales, margin and ending inventory.

The following series of transactions are Gold Standard Reminisce (GSR) dealings with Golden Gables (GG). The Gold Standard Reminisce's annual accounting period ends on December 31. 09/02/21 Sold $16,850 of merchandise to Golden Gables, signing a 10%,150 day note. 12/31/20 Prepared the adjusting journal entry to record accrued interest on the note. 01/30/21 GSR receives a check from Golden Gables for the maturity value (with interest) of the note. 02/01/21 Golden Gables' check is returned by the bank along with a $25 fee. 09/20/21 Golden Gables' account is considered a bad debt and written off 03/06/22 Golden Gables' bankruptcy trustee sends a check for $2,864. Record all of the transactions between GSR \& GG. Remember to utilize proper journal entry format including accounts with a subsidiary ledger. c) Compute cost of goods sold, the cost of ending inventory and gross margin for September using Ave. Cos