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May 1 18 palu al malurily. Accepted a 120-day, 13% note from Licata Company in exchange for its account receivable of $4,800. Received a $6,900, 90-day, 12% note from Eagle Manufacturing Corporation for a credit sale. Sold both the Licata and Eagle notes with recourse at the bank at 14%. (Assume that Blackmon normally does not sell its notes.) The estimated value of the recourse liability for the Licata and Eagle notes was $650 and $900, respectively. June 2 1. Prepare the journal entries to record the receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations. How does grading work? PAGE 3 PAGE 5 PAGE 6 PAGE 7 GENERAL JOURNAL Score: 353/359 ACCOUNT TITLE POST. REF. DEBIT CREDIT DATE Jun. 7 Cash 11,732.00 Loss from Sale of Receivables 1,199.00 Notes Receivable Interest Income Recourse Liability 11,700.00 92.27 1,550.00
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