merchandise to
On January 1, 2018, Carly Company had
Jan. 5 |
Sold $12,000 of merchandise to Sam Company, terms n/30. |
Feb. 2 |
Accepted a $12,000, 4-month, 10% promissory note from Sam Company for the balance due. |
12 |
Sold $15,000 of merchandise to Neville Company and accepted Neville's $15,000, 2-month, 10% note for the balance due. |
Apr. 12 |
Collected Neville Company note in full. |
June 2 |
Collected Sam Company note in full. |
July 15 |
Sold $11,000 of merchandise to Hutchinson Co. and accepted Hutchinson's $11,000, 3-month, 12% note for the amount due. |
Oct. 15 |
Hutchinson Co.'s note was dishonored. Hutchinson Co. is bankrupt, and there is no hope of future settlement. |
Instructions
Journalize the transactions.

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