Problem: Johnson Ltd completed the following transaction during 2014 and 2015. Prepare journal entries to record these transactions.
2014
October 14 Sold merchandise to Bruce Company, receiving a 60-day, 9% note for $10,000.
November 16 Sold merchandise to Marine Company receiving a 72-day, 8% note for $9,100.
December 13 Received amount due from Bruce Company.
December 31 Accrued interest on the Marine Company note.
2015
January 27 Received amount due from Marine Company.