Record journal entries for the following transactions of Trout Masters. Jan. 1, 2018 Dec. 31, 2018 Dec.
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Record journal entries for the following transactions of Trout Masters.
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Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 May 6, 2020 Issued a $390,820 note to customer Fishing Warehouse as terms of a merchandise sale. The merchandise's cost to Trout Masters is $155,770. Note contract terms included a 24-month maturity date, and a 3% annual interest rate. Trout Masters records interest accumulated for 2018. Trout Masters converts Fishing Warehouse's dishonored note into account receivable. This includes accumulated interest for the 24-month period. Trout Masters sells the outstanding debt from Fishing Warehouse to a collection agency at 40% of the accounts receivable value.
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Jan 1 2018 Debit Accounts Receivable 390820 Credit Sales ...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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