Recording journal entry establishing the note

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Reference no: EM1333437

Q1) McNamme Juices sells products in the health-food industry. McNamme sold Johnny Mac merchandise for $5000 on account. Johnny Mac ran into a cash crunch and was able to pay only $1,200 in the prescribed period. Both parties agreed to satisfy the remaining balance with a six month note, at 13% interest, all payable at the end of the note. Please record the appropriate journal entry establishing the note on McNamee's books.

Q2) Identify a decision that has recently been made or will be made in the near future in Toyota. Identify two relevant and two non-relevant costs in this decision.

Reference no: EM1333437

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