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Prepare general journal entries for transactions of laurier

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Reference no: EM132564198

Question 1: Prepare general journal entries for the following transactions of Laurier Company, who use the perpetual inventory system:

Apr. 1

Sold $12,500 of merchandise (Cost $10,500) to flight Co., receiving a 10%, 120-day note.

15

Wrote off $2,000 owed by FCB Co. as worthless. (The allowance method of accounting for bad debts is used.)

30

Received a $10,800, 10%, 30-day note receivable from Cruise Co. as an extension of credit.

Reference no: EM132564198

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