Prepare journal entries to record the following four transactions for the Labatt Company using the perpetual inventory method. (Omit explanations for the entries.)
Definitions:
Holder in Due Course
A party who has acquired a negotiable instrument in good faith and for value, and thus has certain protections against defects in the instrument and previous parties.
Payable on Demand
A financial term indicating that a debt or other financial obligation is due for payment as soon as the lender requests it.
Overdue
Referring to something, such as a payment or assignment, that has not been completed or submitted by its due date.
Demand for Payment
A formal request made by a creditor or holder of a financial instrument for the debtor to pay the owed amount by a specified deadline.
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