Prepare general journal entries for the following transactions for the current year: Apr. 25?Sold $4,500 of merchandise to Dunn Corp., receiving a 10%, 60-day,$4,500 note receivable. June 24The note of Dunn Corp. received on April 25 was dishonored.
What will be an ideal response?
| Apr 25 | Notes Receivable...................................... | 4,500 | ? |
| ? | Sales.......................................................... | ? | 4,500 |
| June 24 | Accounts Receivable--Dunn Corp.................. | 4,575 | ? |
| ? | Notes Receivable...................................... | ? | 4,500 |
| ? | Interest Revenue ($4,500 * .10 * 60/360) | ? | 75 |
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What will be an ideal response?
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