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F. INSTRUCTIONS: Prepare the general journal entries to record the following transactions. (1)...

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Accounting

F. INSTRUCTIONS: Prepare the general journal entries to record the following transactions.
(1) Pequot Co. received a 60-day, 12% note for $8,000 from a customer, Dave Davidson, in settlement
of Davidson's account.
(2) Davidson failed to pay the note in (1) at maturity.
(3) Ten days after the maturity of the note in (1), Davidson paid Pequot in full, including interest at
11% for this 10-day period.
(4) Pequot received a 90-day, 10% note for $3,000 from a customer, Sue Smith, in settlement of Smith's account.
(5) The note in (4) was dishonored at maturity.
JOURNAL PAGE
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15

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