On January 1, 2017, Derek Co. had Accounts Receivable 139,000, Notes Receivable 30,000, and Allowance for Doubtful

Question:

On January 1, 2017, Derek Co. had €139,000, Notes Receivable €30,000, and Allowance for Doubtful Accounts €13,200. The note receivable is from Kaye Noonan Ltd. It is a 4-month, 9% note dated December 31, 2016. Derek prepares annually at December 31. During the year, the following selected transactions occurred.
Jan. 5 Sold €24,000 of merchandise to Zwingle SE, terms n/15.
20 Accepted Zwingle's €24,000, 3-month, 6% note for balance due.
Feb. 18 Sold €8,000 of merchandise to Gerard AG and accepted Gerard's €8,000, 6-month, 7% note for the amount due.
Apr. 20 Collected Zwingle note in full.
30 Received payment in full from Kaye Noonan on the amount due.
May 25 Accepted Isabella Ltd.'s €4,000, 3-month, 7% note in settlement of a past-due balance on account.
Aug. 18 Received payment in full from Gerard on note due.
25 The Isabella note was dishonored. Isabella is not bankrupt; future payment is anticipated.
Sept. 1 Sold €10,000 of merchandise to Fernando Co. and accepted a €10,000, 6-month, 8% 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...