NOTES RECEIVABLE ENTRIES J.K. Pratt Co. had the following transactions:
20-1
July 20 Received a $750, 30-day, 10% note from J. Akita in payment for sale of merchandise
Aug 19 J. Akita paid note issued July 20 plus interest
Aug 25 Sold merchandise on account to L. Beene, $1,100
Sep 5 L. Beene paid $100 and gave $1,000, 30-day, 12% note to extend time for payment
Oct 5 L. Beene paid note issued September 5, plus interest
Oct 10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 11% note
Nov 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days
Dec 9 R. Harris paid note extended on November 9, plus interest
Dec 10 Sold merchandise on account to B. Kraus, $1,500
Dec 15 B. Kraus paid $150 on merchandise purchased on account, and gave a $1,350, 30-day, 12% note to extend time for payment
20-2
Jan 14 B. Kraus's note on December 15 is dishonored
Feb 13 Collected B. Kraus's dishonored note, plus interest at 12% on the maturity value
REQUIRED
Record the transactions in a general ledger