Question: Type or paste question here BE8.10 (LO 1, 3) On January 2, Kuril Ltd. sold merchandise on account to R. James for $48,000, terms n/30.

Type or paste question here BE8.10 (LO 1, 3) On January 2, Type or paste question here

BE8.10 (LO 1, 3) On January 2, Kuril Ltd. sold merchandise on account to R. James for $48,000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $32,000. On February 1, R. James gave Kuril a five-month, 7% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Kuril's year end, annual adjusting entries were made. On July 1, R. James paid the note and any remaining interest. Prepare the journal entries for Kuril to record the above transactions. Record notes receivable transactions

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