Journalize the Following Transactions in the Accounts of Simmons Company

question 28

Essay

Journalize the following transactions in the accounts of Simmons Company:
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Mar. 1 Received a $60,000, 60-day, 6% note dated March 1 from Bynum Company on account.
Mar. 18 Received a $25,000, 60-day, 9% note dated March 18 from Solo Company on account.
Apr. 30 The note dated March 1 from Bynum Company is dishonored, and the customer's account is charged for the note, including interest.
May 17 The note dated March 18 from Solo Company is dishonored, and the customer's account is charged for the note, including interest.
July 29 Cash is received for the amount due on the dishonored note dated March 1 plus interest for 90 days at 8% on the total amount debited to Bynum Company on April 30.
Aug. 23 Wrote off against the allowance account the amount charged to Solo Company on May 17 for the dishonored note dated March 18.

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Definitions:

Logic Rung Path

A path within a ladder logic diagram that shows the flow and processing of logic from one control element or condition to another.

Parallel Outputs

Outputs that are controlled simultaneously, often used in digital circuits to increase data transfer rates.

User Program

A sequence of instructions written by a user to be executed by a computer or other programmable device to perform a specific task.

Machine Operation

The process of controlling or working with a machine, ensuring it performs its intended tasks or functions according to specified parameters or instructions.