Prepare journal entries for the following transactions for Sysco Imports Company.
a)Purchased $6,000 of merchandise (periodic)from Clarke Industries Company on account.
b)Gave Clarke Industries Company a 150-day,6% note in 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.
Correct Answer:
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