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5. Prepare general journal entries for the following transactions of Viking Company, assuming they use the allowance method to account for uncollectible accounts. (20%) Apr.
5. Prepare general journal entries for the following transactions of Viking Company, assuming they use the allowance method to account for uncollectible accounts. (20%) Apr. 1 15 30 Performed service to Arthur Co., receiving an 8%, 90-day $2,500 note. Wrote off $1,500 owed by Network Co. Received a $6,000, 5%, 30-day note receivable from Calvin Co. as exchange for its $6,000 account receivable. The note received from Calvin on April 30 was collected in full. Arthur Co. was unable to pay the note on the due date. Network Co. paid $1,000 of the amount written off on April 15. May 30 June 30 July 15 Version 2
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