Reference no: EM133130045
Question - Marienau Suppliers had the following transactions:
Mar. 1 Sold merchandise on account to G. Perez, $5,200.
Mar. 20 G. Perez gave a $5,200, 90-day, 6% note to extend time for payment.
Mar. 30 G. Perez's note is discounted at Commerce Bank at a discount rate of 8%.
Apr. 20 Received a $3,300, 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 $60 bank fee.
July 31 D. Larson's dishonored note is collected; Larson pays Marienau the maturity value of the note, the $60 bank fee, and interest at 6% on the maturity value plus the bank fee.
Aug. 1 Sold merchandise on account to A. Bauer, $5,300.
Aug. 12 A. Bauer paid $400 and gave a $4,900, 30-day, 5% note to extend time for payment.
Sept. 11 A. Bauer paid $500, plus interest, and gave a new $4,400, 60-day, 6% note to extend time for payment.
Sept. 26 A. Bauer's note is discounted at Commerce Bank at a discount rate of 7.5%.
Nov. 10 A. Bauer's note is dishonored. The bank bills Marienau for the maturity value of the note plus a $60 bank fee.
Dec. 15 A. Bauer's dishonored note is collected. Bauer pays Marienau the maturity value of the note, the $60 bank fee, and interest at 6% on the maturity value plus the bank fee.
Required - Record the transactions in a general journal. Assume 360 days in a year?