Pine Boat Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Pine Boat Company.
Feb. 12 Accepted a $30,000, 6%, 60-day note from Bob Weiss for a 24-foot motorboat built to his specifications.
April 14 Received notification from Bob Weiss that he was unable to honor his promissory note but that he expects to pay the amount owed in May.
May 26 Received a check from Bob Weiss for the total amount owed.
June10 Received notification by the bank that Bob Weiss check was being returned “NSF” and that Mr. Weiss had declared personal bankruptcy.