the following were selected from among the transactions completed by hunter co durin 642749

Jan. 15.

Loaned $6,000 cash to Dan Hough, receiving a 90 day, 8% note.

Feb. 6.

Sold merchandise on account to Kent and Son, $16,000. The cost of the merchandise

sold was $9,000.

13

Sold merchandise on account to Centennial Co., $30,000. The cost of merchandise

sold was $15,750.

Mar. 5.

Accepted a 60 day, 6% note for $16,000 from Kent and Son on account.

14

Accepted a 60 day, 12% note for $30,000 from Centennial Co. on account.

Apr. 15.

Received the interest due from Dan Hough and a new 90 day, 10% note as a

renewal of the loan of January 15. (Record both the debit and the credit to the

notes receivable account.)

May 4.

Received from Kent and Son the amount due on the note of March 5.

13

Centennial Co. dishonored its note dated March 14.

June 12.

Received from Centennial Co. the amount owed on the dishonored note, plus

interest for 30 days at 12% computed on the maturity value of the note.

July 14.

Received from Dan Hough the amount due on his note of April 15.

Aug. 10.

Sold merchandise on account to Conover Co., $10,000. The cost of the merchandise

sold was $6,500.

20

Received from Conover Co. the amount of the invoice of August 10, less 1%

discount.