On january 10, molly amise uses her lawton co. credit card to purchase merchandise from lawton co. for $1,700. on february 10, molly is billed for the amount due of $1,700. on february 12, molly pays $1,100 on the balance due. on march 10, molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of february 12. prepare entries for recognizing accounts receivable.

the journal entry are given below

Explanation:

given data

On January 10

purchase merchandise = $1,700

On February 10

amount due = $1,700

On February 12

Molly pays = $1,100

On March 10

amount due & interest = 1% per month

solution

Interest revenue to be recorded on March 10 that is calculated as

Unpaid balance as of February 12 = $1700 - $1100 = $600

and interest rate = 1% per month

so

Interest revenue = $600 × 1% = $6

so the journal entry are

date                          account title                                   debit            credit

January 10                account receivable                      $1700                                                           sales revenue                                                   $1700

February 12              cash                                               $1,100

                                 sales revenue                                                       $1100

March 10                   account receivable                      $6

                                 interest revenue                                                    $6

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.

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