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Prepare the general journal entries for Infinity Diner

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Question - Prepare the general journal entries for Infinity Diner for the following notes receivable transactions (assuming there are 28 days in February).

When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank.

Dec. 3 Sold merchandise to Brian Chan on account, $6,900. 11 Sold merchandise to Gloria Lupo on account, $3,600. Jan. 2 Received a $6,900, 10%, 30-day note from Brian Chan in payment of account. 10 Received a $3,600, 12%, 30-day note from Gloria Lupo in payment of account. Feb. 1 Received $600, plus interest on January 2 note, and a new, 14% 60-day note for the remaining balance. Feb. 9 On the maturity date, note dated January 10 was dishonored. Apr. 2 On the maturity date, Infinity Diner received principal and interest for February 1 note.

Reference no: EM132571738

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