March30- loaned an officer of the company 20000 and

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Reference no: EM13379279

March30- Loaned an officer of the company 20000 and received a note requiring principle and interest at 7% to be paid on March 30, 2011.

May 30- Discounted the $20,000 not at a local bank. The bank discount rate is 8% . The not was discounted without recourse.

Jun 30 - Sold merchandise to the Blankership Company for $12,000. Term of the 2/10, n/30.

Aug 31- Sold stock in a nonpublic company with a book value of $5,000 and accepted a 6,000 noninterest-bearing note with a discount rate at 8%. The 6,000 payment is due on February 28,2011. The stock has no ready market value.

Dec 31 - Bad debt expense is estimated to be 2% of credit sales for the year. Credit sales for 2010 were $700,000.

1. Prepare journal entries for each of the above transactions.

2. Prepare any additional year-end adjusting

Reference no: EM13379279

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