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Journalize the following transactions for Alden Company for 201X: Apr. 18Received a $14,000, 90-day, 9% note from Becky Falcon in payment of account past due.
Journalize the following transactions for Alden Company for 201X:
- Apr. 18Received a $14,000, 90-day, 9% note from Becky Falcon in payment of account past due.
- May9Wrote off the Francis Cleary account as uncollectible for $620. (Alden uses the Allowance method to record bad debts.)
- July 17Becky Falcon paid Alden the note in full.
- Nov. 11Gave Daisy Company an $8,700, 40-day, 12% note as a time extension of account now past due.
- Nov. 15Francis Cleary paid Alden amount previously written off on May 9.
- Dec. 3Discounted its own $5,000, 140-day note at Charleston Bank at 9%.
- Dec. 5Received a $15,000, 90-day, 10% note dated December 5 from Susan Quarter in payment of account past due.
- Dec. 11Paid principal and interest due on note issued to Daisy Company from November 11 note.
- Dec. 16Received a $21,000, 70-day, 12% note from Window Company in payment of account past due.
- Dec. 23Discounted the Susan Quarter note to Pike Bank at 12%.
- Dec. 31Recorded adjusting entries as appropriate
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