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Prepare journal entries for Macaron to record transactions

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Reference no: EM133066750

Question - On January 2, Macaron Ltd. sold merchandise on account to R. Matthew for $44,000, terms n/SO. The company uses a perpetual inventory system and the merchandise originally cost $34,100. On February 1, R. Matthew gave Macaron a ?ve-month, 9% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Macaron's year end, annual adjusting entries were made. On July 1, R. Matthew paid the note and any remaining interest. Prepare the journal entries for Macaron to record the transactions only on the dates listed above.

Reference no: EM133066750

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