Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

all i need are the ones that are incorrect begin{tabular}{|c|c|c|c|c|c|} hline No & Date & General Journal & & Debit & Credit hline multirow[t]{2}{*}{1}

all i need are the ones that are incorrect
image text in transcribed
image text in transcribed
image text in transcribed
\begin{tabular}{|c|c|c|c|c|c|} \hline No & Date & General Journal & & Debit & Credit \\ \hline \multirow[t]{2}{*}{1} & March 17, 2024 & Allowance for uncollectible accounts & 0 & 2,5000 & \\ \hline & & Accounts recaivable & 0 & & 2,5000 \\ \hline & & & & & \\ \hline \multirow[t]{2}{*}{2} & March 30,2024 & Notes receivable & 0 & 30,000,0 & \\ \hline & & Cash & 0 & f= & 30,000 \\ \hline & . & & & & \\ \hline \multirow[t]{2}{*}{3} & May 30,2024 & Interest receivable & 0 & 4000 & \\ \hline & & Interest revenue & 0 & & 4000 \\ \hline \multirow[t]{4}{*}{4} & May 30,2024 & Cash & 0 & 29.400 & \\ \hline & & Loss on sale of notes receivable & 0 & 77 & \\ \hline & & Notes recelvable & 0 & & 30,0000 \\ \hline & & Interest receivable & 0 & & 4000 \\ \hline \multirow[t]{2}{*}{5} & June 30,2024 & Accounts receivable & 0 & 20,000 & \\ \hline & & Sales revenue & & & 20,0000 \\ \hline \multirow[t]{3}{*}{6} & July 08,2024 & Cash & 0 & 19,600 & \\ \hline & & Sales discounts & 0 & 4000 & \\ \hline & & Accounts receivable & & & 20.0000 \\ \hline \end{tabular} Weldon Corporation's fiscal year ends December 31 . The following is a list of transactions involving recelvables that occurred during 2024: March 17 Accounts receivable of $2,500 were written of as uncollectible. The company usen the allowance method. March 30 Loaned an officer of the company $30,000 and received a note requiring principal and interest at 8t to be paid on Mareh 30,2025 . May 30 Discounted the $30,000 note at a local bank. The bank's discount rate is 98 . The note was discounted without recourse and the sale exiteria are met. June .30 gold merchandite to the Blankenship Company for $20,000. Ferms of the sale are 2/10. 7/30. Weldon uses the gross method to account for eash discounta. July 8 The Blankenship Company paid Its account in full. August 31 sold atoek in a nonpubile company vith a book value of $5,800 and accepted fa 56,800 noninterest-bearing note with a discount rate of 98 . The $6,000 payment is due on rebruary 28, 2025. The atock has no ready market value. December 31 Weldon estimates that the allowance for uncollectible accounts should have a balance in it at year-end equal to 34 of the gros accounts receivable balance of $870,000. The allowance had a balance of $20,000 at the start of 2024 . Required: 18 2. Prepare joumal entries for each of the above transactions and additional yeaf-end adjusting entries indicated. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations and round your final answers to nearest whole dollar

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions