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Find and record the transactions in a general journal

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Reference no: EM132610783

Notes Receivable Discounting

Marienau Suppliers had the following transactions:

Mar. 1 Sold merchandise on account to G. Perez, $5,000.

20 G. Perez gave a $5,000, 90-day, 6% note to extend time for payment.

30 G. Perez's note is discounted at Commerce Bank at a discount rate of 8%.

Apr. 20 Received a $2,600, 60-day, 6% note from D. Larson in payment for sale of merchandise.

May 5 D. Larson's note is discounted at Commerce Bank at a discount rate of 7%.

June 19 D. Larson's note is dishonored. The bank bills Marienau for the maturity value of the note plus a $50 bank fee.

July 31 D. Larson's dishonored note is collected; Larson pays Marienau the maturity value of the note, the $50 bank fee, and interest at 6% on the maturity value plus the bank fee.

Question 1: Record the transactions in a general journal. Assume 360 days in a year.

Reference no: EM132610783

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