college accounting a career approach 12th edition cathy j. scott. I need a solut

Question

college accounting a career approach 12th edition cathy j. scott. I need a solution for problem 14-1a following are selected transactions carried out by blakely company this year record these transactions in the general journal. Jan 12 sold merchandise on account to G. Hardin; 3/10, n/30; $2,450 Jan 22 Received a check from G. Hardin for the sale of January 12. Feb 17th sold merchandise on account to K. Blaine; 2/10, n/30; $3,545, Mar 19 Received a 30day, 5.5 percent note, dated this day, for 3,545 from K. Blaine for the amount owed on account apr 18 received a check from k. blaine for the amount owed on the note of March 19, June 1 sold merchandise to magovey company for $4,550, receiving a 60-day, 5.5 percent note, dated this day (this sale was not previously recorded), July 31 received payment from Magovey company for the amount owed on the note of June 1

Explanation / Answer

Jan-12 Debit G Hardin 2,450.00 Credit Sales 2,450.00 Jan-22 Debit Cash 2,376.50 (2,450*97%) Debit Cash Discount        73.50 Credit G. Hardin 2,450.00 Feb-17 Debit K Blaine 3,545.00 Credit Sales 3,545.00 Mar-19 Debit Notes Receiveble 3,545.00 Credit K Blaine 3,545.00 Apr-18 Debit Cash 3,561.25 Credit Note Receiveble 3,545.00 Credit Interest income        16.25 (3,545*5.5%*1/12) Jun-01 Debit Notes Receiveble 4,550.00 Credit Sales 4,550.00 Jul-31 Debit Cash 4,591.71 Credit Note Receiveble 4,550.00 Credit Interest income        41.71 (4,550*5.5%*2/12)

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