Record the following selected transactions in the general journal of J&S Event Planners. Show all your answers
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Record the following selected transactions in the general journal of J&S Event Planners. Show all your answers to two decimal places. Explanations are not required.
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2022 Dec. 12 31 31 31 31 2023 Apr. 11 Jun. 1 Oct. 31 Dec. 1 30 31 Received a $5,775, 120-day, 8 percent note from Jacques Alard to settle his $5,775 account receivable balance. Made an adjusting entry to accrue interest on the Alard note. Made an adjusting entry to record bad debt expense in the amount of 4 percent of accounts receivable of $288,200. Prior to this the opening balance in Allowance for Doubtful Accounts was zero. Recorded $88,000 of debit card sales. Royal Bank's debit card service fee is 2 percent. Made a compound closing entry for sales revenue, interest revenue, bad debt expense, and debit card service fees. Collected the maturity value of the Alard note. Lent $16,500 cash to Mercury Inc., receiving a 6-month, 7 percent note. Received a $3,025, 60-day, 8 percent note from Jay Nakashi on his past-due account receivable. Collected the maturity value of the Mercury Inc. note. Jay Nakashi dishonoured (failed to pay) his note at maturity. Wrote off as uncollectible the account receivable of Art Pierce, $853, and of John Grey, $623.
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780135359709
11th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood
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