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:

Prader-Willi Syndrome

A genetic disorder characterized by obesity, intellectual disability, and short stature, among other symptoms, resulting from an anomaly in chromosome 15.

Genetic Disorder

A disease or condition caused by an abnormality in an individual's DNA, potentially inherited from parents or resulting from mutations.

Intense Hunger

A strong, overwhelming desire or need to eat.

Reduced Rates of Metabolism

A slower-than-normal rate at which the body converts food and oxygen into energy.