Prepare the Journal Entries for the Following Transactions for Dobson

question 39

Essay

Prepare the journal entries for the following transactions for Dobson Industries Company.
a)Dobson sold $8,000 of merchandise to Bolt Imports Company on account.The company uses the periodic method.
b)Dobson accepted a 90-day,7% note from Bolt in settlement of its account.
c)Bolt defaulted on its note on the maturity date.
d)Collected the previously defaulted Bolt note plus $25 additional interest.

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