Reference no: EM131290131
On September 1, 2015, Jefferson Corporation sold $265,000 of xray equipment to Einstein General who agreed to pay within 30 days. Additionally, if Einstein paid within 5 days they would receive a 2% discount.
Record the following journal entries:
a) Record Jefferson's transaction of Sept 1 with Einstein
b) Record the payment made to Jefferson if paid within the last day of the discount period.
c) Record the transaction granting Einstein an additional 30 days to pay at 9% interest
d) Record the payment made to Jefferson at the end of the extension of time
e) Record the transaction to write off the Einstein account (use #4 as your basis)
f) Record the transition if Einstein does not pay the note at the end of the extension of time
g) Record the transaction to record payment received Feb 15, 2016
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