Need Answered for Reinforcement Activity 2-Part B

December Transactions:
Dec. 31
31
Accepted a $1,500.00, 120-day, 8% note from Western Theaters. NR7.
Wrote off the remaining balance of Western Theaters' account. M62.
Gulf Uniform Supply, Inc. (GUS), a merchandising business, is organized as a corporation. The business sells a complete line of uniforms for a variety
of businesses and organizations, including schools, medical offices, and retail stores. GUS is located in
an open-area shopping center and is open for
business Monday through Saturday. A monthly rent is paid for its store space in the shopping center.
GUS accepts credit sales for approved customers
and credit cards from individual customers.
ATTENTION: The steps in this problem will vary from those in your text. Although the steps occur in a different order, the actions are the same.
Therefore, the transactions will ultimately be journalized and posted to the ledgers properly.
After preparing the schedule of accounts receivable, the company accepted an offer from Western Theaters to settle its account for $1,500.00. Enter
the transactions found in Question Assets on a new general journal page.
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