Essay
Prepare the journal entries for Shirts Plus for the following transactions:
a) Shirts Plus sold $8,100 of merchandise to Beck Company on account. The cost of the sale to Shirts Plus is $4,500. The company uses the periodic method.
b) Shirts Plus received a 60-day, $8,100, 9% note for a time extension of past-due account of Beck Company.
c) Collected Beck Company's note on the maturity date.
Correct Answer:
Verified
Correct Answer:
Verified
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