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Posted: June 15th, 2022
Record the following transactions for Pro Line Communications Inc in the general journal
Record the following transactions for Pro Line Communications Inc in the general journalMay 30: Accepted a 60-day, 12% note for $11,000 from Photo Master as payment on an accounts receivableMay 29: Received interest due on Photo Master note. The note is renewed for 45 days at 13% interestMay 28: Received full payment of the Photo Master notePrepare the general journal entries for American Diner for the following notes receivable transactions (assuming there are 28 days in February)Dec 3: Sold merchandise to Brian Wang on account, $6,900Jan 2: Received a $6,900, 10%, 30-day note from Brian Wang in payment of accountFeb 1: Received $600, plus interest on January 2 note, and a new, 14% 60-day note for the remaining balance
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