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accounting journal entry?
On January 2, Penny Worth Ltd. sold merchandise on account to R. Donald for $49,000, terms n/30.
The company uses a perpetual inventory system and the merchandise originally cost $28,800.
On February 1, R. Donald gave Penny Worth a five-month, 6% note in settlement of this account.
Interest is due at the beginning of each month, starting March 1.
On April 30, Penny Worth’s year end, annual adjusting entries were made.
On July 1, R. Donald paid the note and any remaining interest.
what would be the journal entry for April 30?
1 Answer
- Anonymous6 months ago
2 months @ 6% + 2/5th's of owed.
Dude, business isn't your forte. You're headed for a D-.