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:

Mission Statement

A brief declaration of an organization's purpose, identifying its scope of operations, target market, and main objectives.

Financial Year

A 12-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.

Vigilant Thinkers

People who pay attention to the process of how work is done in teams rather than focusing only on techniques used to achieve a goal.

Team Talkers

Individuals within a group or team who are particularly vocal or influential in discussions and decision-making processes.