McNamme Juices sells products in the health-food industry. McNamme sold Johnny Mac merchandise for $5000 on account.
Health analysis
April 9, 2021CompCARE benefited from PharmaCAREs reputation, databases, networks, and sales and marketing expertise, and within six (6) months had the medical community buzzing about AD23. Demand soared, particularly among Medicare, Medicaid, and Veterans Affairs patients.
April 9, 2021McNamme Juices sells products in the health-food industry. McNamme sold Johnny Mac merchandise for $5000 on account. Johnny Mac ran into a cash crunch and was able to pay only $1,200 in the prescribed period. Both parties agreed to satisfy the remaining balance with a six month note, at 13% interest, all payable at the end of the note.
Please record the appropriate journal entry establishing the note on McNamee’s books.
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