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I would greatly appreciate assistance with this question. On January 1, 2019, Marigold Corp. had Accounts Receivable $134,200, Notes Receivable $39,600, and Allowance for Doubtful
I would greatly appreciate assistance with this question. On January 1, 2019, Marigold Corp. had Accounts Receivable $134,200, Notes Receivable $39,600, and Allowance for Doubtful Accounts $28,200. The note receivable is from Willingham Company. It is a 4-month, 8% note dated December 31, 2018. Marigold Corp. prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan. 5 20 Feb. 18 Apr. 20 May 25 Aug. 18 Sold $35,600 of merchandise to Sheldon Company, terms n/15 Accepted Sheldon Company's $35,600, 3-month, 7% note for balance due. amount due. Collected Sheldon Company note in full. Accepted Potter Inc.'s $19,400, 3-month, 6% note in settlement of a past-due balance on account. Received payment in full from Patwary Company on note due. and 23,900 of merchandise to Patary Company and accepted Patary's $23,900, 6-month 8% note for the 30 Received payment in full from Willingham Company on the amount due 25 The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated Sold $13,000 of m erchandise to Stanbrough Company and accepted a $13,000, 6-month, 9% note for the amount due. Sept. 1 Journalize the transactions. (Omit cost of goods sold entries.) (Round answers to o decimal places, e.g. 5,275 Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
I would greatly appreciate assistance with this question.
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