ACC 102

Record the following transactions for Griggs Co for the year 2004.

Record the following transactions for Griggs Co for the year 2004. Dec. 1 Received a $3,600 40 day 10% note on account from Linda Evans. Dec. 1Sold goods to Gaylord receiving a $17,000 three month 10% note. Jan 1 Collected the maturity value on the note of Dec. 1. Jan 1 Loaned $6000 cash to Crimson receiving a note at 15% interest for 5 months. Jan. 1 Sold goods to Video transfer receiving a $24,000 three month, 12% note. Feb.5 Recorded an adjusting entry to record the estimated amount of accounts that will not be collected based on % of 2% of $350,000 net sales. Mar 28 Wrote off three accounts Davis: $200, Quinn $500 and Brown $1000 as uncollectible. June 1 Reinstated the Quinn account for the full amount. April 1 Loaned Linda Brown $10,000 receiving a 6 month, 5% note. April 30: Wrote off the Millbury High School business club account as uncollectible in the amount of $1500. May 1 Record the accrued interest on the Linda Brown note. May 30: Reinstated the Millbury High School account and paid $750 on it. Record the entry for the aging method Here is the information for the transaction: 0-30 days 30-60 60-90 over 90 10000 650 750 1000 1% 2% 10% 65% October 1 Collected the amount due on the Linda Brown note Record the following transactions for Griggs Co for the year 2004. Dec. 1 Received a $3,600 40 day 10% note on account from Linda Evans. Dec. 1Sold goods to Gaylord receiving a $17,000 three month 10% note. Jan 1 Collected the maturity value on the note of Dec. 1. Jan 1 Loaned $6000 cash to Crimson receiving a note at 15% interest for 5 months. Jan. 1 Sold goods to Video transfer receiving a $24,000 three month, 12% note. Feb.5 Recorded an adjusting entry to record the estimated amount of accounts that will not be collected based on % of 2% of $350,000 net sales. Mar 28 Wrote off three accounts Davis: $200, Quinn $500 and Brown $1000 as uncollectible. June 1 Reinstated the Quinn account for the full amount. April 1 Loaned Linda Brown $10,000 receiving a 6 month, 5% note. April 30: Wrote off the Millbury High School business club account as uncollectible in the amount of $1500. May 1 Record the accrued interest on the Linda Brown note. May 30: Reinstated the Millbury High School account and paid $750 on it. Record the entry for the aging method Here is the information for the transaction: 0-30 days 30-60 60-90 over 90 10000 650 750 1000 1% 2% 10% 65% October 1 Collected the amount due on the Linda Brown