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can i please get this worked out? Need to check my answers! 6 ACCT 3113 Chapter 7 Supplemental 6-Transactions with receivables Redbud Company sells pet

can i please get this worked out? Need to check my answers! image text in transcribed
6 ACCT 3113 Chapter 7 Supplemental 6-Transactions with receivables Redbud Company sells pet care products to wholesalers. Redbud records adjusting entries annualy at December 31. Juring 2019, the following transactions related to receivables occurred: DJanuary 1 Sold merchandise to Nellie Co. and accepted a2-yea $120,000 noninterest-bearing note due on August 1 3 December 1 Sold merchandise to Magic Dog Co. and accepted a 3-month, $12,000 noninteresty bearing note due on December 31, 2020. The discount rate is6%. Red interest revenue on the note. dused the effective est et dto recognize Sold merchandise to Red Cat Co. for $15,000 and accepted an 8%, 6-month note. Principal and interest are due on January 31, 2020. intres tbaaring February 28, 2020, The discount rate is 9%. Sold merchandise to Black Dog C to record sales discounts. @December 4 for S9,000 with terms 2/10, /30. Redbud used the g oss method December 12 Collected the amount due from Black Dog Co. December 31 Sold $80,000 of accounts receivable to Fat Cat Bank withoutrecourse Fat Cat charged a 1% finance fee and retained 8% to cover possible adjustments Note For ST NR Record each of the transactions above for Redbud Gompany g nore cost of goode soldeorasala bearing, sales rex tearing b. Record December 31, 2019, adjusting entries for Redbud. bearing, same am c. Redbud's preliminary 2019 net income without the effects of the entries in a. and b. is $100,000. What is the correct 2019 net income? Ignore income taxes. Note: for LT N salas revenue Jan.Note recaiwable120,o00 cdue of note ar Ds awn0.an25b,Leunt on 73465 42 535 soues rewenue Discount on NR 200 Enterest ceventu 20

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