Record journal entries for the following transactions of Commissary Productions. Jan. 1, 2018 Issued a $435,530 note to customer June Solkowski as terms of a merchandise sale. The merchandise's cost to Commissary is $233,700. Note contract terms included a 36-month maturity date, and a 5% annual interest rate. Dec. 31, 2018 Commissary records interest accumulated for 2018. Dec. 31, 2019 Commissary records interest accumulated for 2019. Dec. 31, 2020 June Solkowski honors the note and pays in full with cash. If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places. Jan. 1, 2018 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 To record sale in exchange for Notes Receivable Jan. 1, 2018 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 To record the cost of sale Dec. 31, 2018 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 To record interest accumulated in 2018 Dec. 31, 2019 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 To record interest accumulated in 2019 Dec. 31, 2020 fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 To record collection of principal and accumulated interest

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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Record journal entries for the following transactions of Commissary Productions.

Jan. 1, 2018	Issued a $435,530 note to customer June Solkowski as terms of a merchandise sale. The merchandise's cost to Commissary is $233,700. Note contract terms included a 36-month maturity date, and a 5% annual interest rate.
Dec. 31, 2018	Commissary records interest accumulated for 2018.
Dec. 31, 2019	Commissary records interest accumulated for 2019.
Dec. 31, 2020	June Solkowski honors the note and pays in full with cash.

If an amount box does not require an entry, leave it blank. If required, round your answers to two decimal places.

Jan. 1, 2018		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6
	To record sale in exchange for Notes Receivable
Jan. 1, 2018		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12
	To record the cost of sale
Dec. 31, 2018		fill in the blank 14	fill in the blank 15
		fill in the blank 17	fill in the blank 18
	To record interest accumulated in 2018
Dec. 31, 2019		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24
	To record interest accumulated in 2019
Dec. 31, 2020		fill in the blank 26	fill in the blank 27
		fill in the blank 29	fill in the blank 30
		fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36
	To record collection of principal and accumulated interest

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