Record the following transactions in general journal form for Meyer Company. The Company prepares adjusting entries semiannually every June 30 and December 31.
2010
May 1 Received a $10,500, 8%, 4-month note, from Deb Gore in payment of her open account.
May 15 Sold products for cash totaling $16,200, which includes 8% sales taxes.
June 15 Borrowed $11,200 cash from Tom Hutchins, issuing to him a 45-day, 12% note.
June 30 Adjusting entries for the outstanding note receivable and note payable.
July 30 Paid face value and interest on Tom Hutchins note.
Sept. 1 Received full payment from Deb Gore for her note receivable.
Instructions:
Record the entries and the required adjusting entries based on the above information.