Record the following transactions for Pro Line Communications Inc. in the general journal. May 30 Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an account receivable. July 29 Received interest due on Photo Master note. The note is renewed for 45 days at 13% interest. Aug. 28 Received full payment of the Photo Master note.
- Record the following transactions for Pro Line Communications Inc. in the general journal.
May 30 Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an
July 29 Received interest due on Photo Master note. The note is renewed for 45 days at 13% interest.
Aug. 28 Received full payment of the Photo Master note.
GENERAL JOURNALPage 1
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2. Prepare the general
Mar. 3 Village Dock Café purchased merchandise on account, $6,000.
Apr. 2 Village Dock Café issued a 60-day, 10% note to pay off the account.
30 Village Dock Café paid off the preceding note on the maturity date.
GENERAL JOURNALPage 1
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