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Benning Company sells furniture to designers on various terms. Benning prepares financial statements annually. During the year, the following selected transactions occurred. 1/5 2/2 2/12
Benning Company sells furniture to designers on various terms. Benning prepares financial statements annually. During the year, the following selected transactions occurred. 1/5 2/2 2/12 4/12 6/2 7/10 7/12 7/19 8/8 9/1 11/15 12/31 Sold $4,000 of merchandise to Cox Company, terms n/30. Accepted a $4,000, 4-month, 9% promissory note from Cox Company for balance due. Sold $12,000 of merchandise to Johns Company and accepted Johns' $12,000, 2-month, 10% note for the balance due. Collected Johns Company note in full. Collected Cox Company note in full. Sold $5,000 of merchandise to Xavier Co., terms 2/10, n/30. Accepted returns of $300 from Xavier Co. Accepted payment from Xavier for $3,000 of its account receivable. Accepted payment from Xavier for the balance of its account receivable. Sold $2,000 of merchandise to Genix Inc. and accepted a $2,000, 6-month, 12% note for the amount due. Wrote off the past due account receivable of Lansing Co. for $1,200. Made necessary adjusting entries. Journalize the transactions. (Omit cost of goods sold entries.)
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