J. K. Pratt Co. had the following transactions:
20 1
July 20 Received a $750, 30 day, 10% note from J. Akita in payment for sale of merchandise.
Aug. 19 J. Akita paid note issued July 20 plus interest.
25 Sold merchandise on account to L. Beene, $1,100.
Sept. 5 L. Beene paid $100 and gave a $1,000, 30 day, 12% note to extend time for payment.
Oct. 5 L. Beene paid note issued September 5, plus interest.
10 Sold merchandise to R. Harris for $750: $50 plus a $700, 30 day, 11% note.
Nov. 9 R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days.
Dec. 9 R. Harris paid note extended on November 9, plus interest.
10 Sold merchandise on account to B. Kraus, $1,500.
15 B. Kraus paid $150 on merchandise purchased on account, and gave a $1,350, 30 day, 12% note to extend time for payment.
20 2
Jan. 14 B. Kraus’s note of December 15 is dishonored.
Feb. 13 Collected B. Kraus’s dishonored note, plus interest at 12% on the maturity value.
REQUIRED
Record the transactions in a general journal.