On January 1, 2008, Frybendall Company had Accounts Receivable \($56,900\) and Allowance for Doubtful Accounts \($4,700.\) Frybendall Company prepares financial statements annually. During the year the following selected transactions occurred.

Instructions

Journalize the transactions.

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Jan. 5 Feb. 2 Sold $6,300 of merchandise to Klosterman Company, terms n/30. Accepted a $6,300, 4-month, 10% promissory note from Klosterman Company for the balance due. 12 Sold $7,800 of merchandise to Menard Company and accepted Menard's $7,800, 2-month, 10% note for the balance due. 26 Sold $4,000 of merchandise to Louk Co., terms n/10. Apr. 5 Accepted a $4,000, 3-month, 8% note from Louk Co. for the balance due. 12 Collected Menard Company note in full. June 2 Collected Klosterman Company note in full.