Journalize the following transactions for Dixey Company: 201X Apr. 18 Received a $11,000, 85-day, 10% note from
Question:
Journalize the following transactions for Dixey Company:
201X
Apr. 18 Received a $11,000, 85-day, 10% note from Frank Hall in payment of account past due.
May 9 Wrote off the Joe Halmark account as uncollectible for $580. (Dixey uses the Allowance method to record bad debts.)
July 12 Frank Hall paid Dixey the note in full.
Nov. 11 Gave Crow Company an $8,600, 30-day, 13.5% note as a time extension of account now past due.
Nov. 15 Joe Halmark paid Dixey amount previously written off on May 9.
Dec. 3 Discounted its own $5,300, 90-day note at Brighton Bank at 10.5%.
Dec. 5 Received a $9,500, 70-day, 12.5% note dated December 5 from Uriah Stone in payment of account past due.
Dec. 11 Paid principal and interest due on the note issued to Crow Company from November 11.
Dec. 16 Received a $15,000, 60-day, 12.5% note from Box Company in payment of account past due.
Dec. 23 Discounted the Uriah Stone note to Readying Bank at 11.5%.
Dec. 31 Recorded adjusting entries as appropriate.
Step by Step Answer:
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater