Prepare the journal entries for the following transactions:
a. Sold $150,000 of goods to Georgia Co. on account.
b. Collected $50,000 from Georgia Co.
c. Accepted a $100,000, one-year, 10% note from Georgia Co. for the amount remaining on the account.
d. After 60 days, discounted the note from Georgia Co. at First National Bank at a 12% interest rate.
Required:
Prepare the journal entries for each transaction.

Question

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The Answer of Prepare the journal entries for the following transactions:
a. Sold $150,000 of goods to Georgia Co. on account.
b. Collected $50,000 from Georgia Co.
c. Accepted a $100,000, one-year, 10% note from Georgia Co. for the amount remaining on the account.
d. After 60 days, discounted the note from Georgia Co. at First National Bank at a 12% interest rate.
Required:
Prepare the journal entries for each transaction.

Prepare the Journal Entries for the Following Transactions