Curtis Lesperance Hele Sytem ment Try again. One of Natalie\'s friends, Curtis L

Question

Curtis Lesperance Hele Sytem ment Try again. One of Natalie's friends, Curtis Lesperance, runs a coffee shop where he sells specialty coffees and prepares and sells mulfies and to make larger batches of muffins and cookies. However, Curtis cannot aford to pay for t The following transactions occurred in June through August 2014 June 1 After much thought, Natalie sells a mixer to Curtis on credit, terms n/30, for $1,150 (cost of mixer $620) July 31 Curtis calls Natalie. He indicates that he is unable to pay today but hopes to have a check for hor at the erd of the week Natale Aug. 7 Natalie receives a check from Curtis in payment of his balance oned. he mixer for at lea30 drys. He asks Natale r shew ··wM"sw. hmte mixer on crede 30 Curtis calls Natalie. He is unable to pay the amount outstanding for another month, so he signs a ten-month, 825% note be paid within a week the problen manually amount is entered. Do not indent

Explanation / Answer

Entries for July 31 and August 7 :

July 31 Account receivable $1157.91 Notes payable $1150 Interest revenue $7.91 Aug 7 Cash $1157.91 Account receivable $1157.91

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