On January 1, 2010, Kloppenberg Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful

Question:

On January 1, 2010, Kloppenberg Company had $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200.The note receivable is from Sara Rogers Company. It is a 4-month, 12% note dated December 31, 2009. Kloppenberg Company prepares annually. During the year the following selected transactions occurred.
Jan. 5 Sold $20,000 of merchandise to Dedonder Company, terms n/15.
20 Accepted Dedonder Company’s $20,000, 3-month, 9% note for balance due.
Feb. 18 Sold $8,000 of merchandise to Ludwig Company and accepted Ludwig’s $8,000,
6-month, 9% note for the amount due.
Apr. 20 Collected Dedonder Company note in full.
30 Received payment in full from Sara Rogers Company on the amount due.
May 25 Accepted Jenks Inc.’s $4,000, 3-month, 7% note in settlement of a past-due balance onaccount.
Aug. 18 Received payment in full from Ludwig Company on note due.
25 The Jenks Inc. note was dishonored. Jenks Inc. is not bankrupt; future payment is anticipated.
Sept. 1 Sold $12,000 of merchandise to Lena Torme Company and accepted a $12,000, 6-month, 10% note for the amount due.
Instructions
Journalize the transactions.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...