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On January 2, Toy Co Ltd. sold merchandise on account to R. Mark for $44.000,...

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Accounting

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On January 2, Toy Co Ltd. sold merchandise on account to R. Mark for $44.000, terms n/30. The company uses a perpetual inventory system and the merchandise originally cost $31,000. On February 1, R. Mark gave Toy Co a five-month, 9% note in settlement of this account. Interest is due at the beginning of each month, starting March 1. On April 30, Toy Co's year end, annual adjusting entries were made. On July 1, R. Mark paid the note and any remaining interest. Prepare the journal entries for Toy Co to record the transactions only on the dates listed above. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of merchandise sold)

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