**Johnson Hardware Supply, Inc. Transaction Recording Guide**When Johnson Hardware Supply, Inc. sells on account, accounts not collected within four months are converted to notes receivable. The following are records of the transactions conducted during 2018:### Requirement1. **Record the transactions** in Johnson Hardware Supply, Inc.'s journal. (Remember to record debits first, then credits. Exclude explanations from any journal entries.)### Transaction Entries#### Record the Sales on Account**Journal Entry: April 29**- Date: Apr 29- Accounts: - [To be filled in by user]- Debit: - [To be filled in by user]- Credit: - [To be filled in by user]#### Record the Receipt of the Note**Journal Entry: September 1**- Date: Sep 1- Accounts: - [To be filled in by user]- Debit: - [To be filled in by user]- Credit: - [To be filled in by user]#### Record the Collection of the Parkview Corp. Note**Journal Entry: October 31**- Date: Oct 31- Accounts: - [To be filled in by user]- Debit: - [To be filled in by user]- Credit: - [To be filled in by user]### Additional Information- **April 29**: Sold goods on account to Parkview Corp., $24,000. The cost of goods sold is ignored.- **September 1**: Received a $24,000, 60-day, 9% note from Parkview Corp., settling its past-due account receivable.- **October 31**: Collected the Parkview Corp. note at maturity. Use a 360-day year for interest computation and round to the nearest dollar.

Interest revenue=Sales revenue×9%×60360=$24,000×9%×60360=$360

Answered: Johnson Hardware Supply, Inc., sells on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please read the questions carefully the First question is asking for journal entry.
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms DR CR Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: DR CR Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice…
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