Reference no: EM132748640
Question - M.L DeMarco Co had the following selected transactions during the year. Prepare the required general journal entry for each transaction in general Journal form.
2017
June 1 Sold merchandise on account to K. Lorenzo for $ 2400. The cost of the merchandise sold was $ 1925.
June 20 K. Lorenzo gave a $ 2400, 30-day, 10% note to extend time for payment.
July 20 K. Lorenzo paid the note in full.
July 25 Sold Merchandise to R. Boone for $ 5600. The cost of the merchandise sold was $ 5120.
August 4 R. Boone paid $ 600 on account and gave a $ 5000, 30-day, 12% note to extend time for payment.
Sept 3 R. Boone Dishonored the note.
Sept 21 Loaned $ 3000 to T. Atkins. Received a $ 3000, 10%, 60-day note.
Nov 20 T. Atkins paid the note in full.
Nov 22 Sold merchandise to T.B. Smith for $ 7925. The cost of the merchandise sold was $ 6900. Received a 60-day, 11% note.
Dec 18 R. Boone paid the dishonored note in full. Charged additional interest using the original note interest rate.
Dec 31 Prepared required adjusting Entries
2018
Jan. 1 Made the required reversing entry.
Date ?? T.B. Smith paid the note in full.
Required - Record the transactions in general journal form.
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