Essay
Prepare journal entries for the following transactions for Sysco Imports Company.
a)Purchased $4,000 of merchandise (periodic)from Clarke Industries Company on account.
b)Gave Clarke Industries Company a 60-day,9% note settlement of the account payable.
c)Sysco defaulted on its note on the maturity date.
d)Sysco paid the previously defaulted note plus $25 additional interest.
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