Question
On January 1, 2014, Coronado Industries had Accounts Receivable of $55,800; Notes Receivable of $13,200; and Allowance for Doubtful Accounts of $3,900. The note receivable
On January 1, 2014, Coronado Industries had Accounts Receivable of $55,800; Notes Receivable of $13,200; and Allowance for Doubtful Accounts of $3,900. The note receivable is from Hartwig Company. It is a 4-month, 9% note dated December 31, 2013. Coronado Industries prepares financial statements annually. During the year, the following selected transactions occurred.
Jan. 5 | Sold $4,500 of merchandise to Flynn Company, terms n/15. | |
20 | Accepted Flynn Companys $4,500, 3-month, 9% note for balance due. | |
Feb. 18 | Sold $13,200 of merchandise to Mink Company and accepted Minks $13,200, 6-month, 11% note for the amount due. | |
Apr. 20 | Collected Flynn Company note in full. | |
30 | Received payment in full from Hartwig Company on the amount due. | |
May 25 | Accepted Creech Inc.s $5,400, 6-month, 8% note in settlement of a past-due balance on account. | |
Aug. 18 | Received payment in full from Mink Company on note due. | |
Sept. 1 | Sold $1,800 of merchandise to Glazer Company and accepted a $1,800, 6-month, 11% note for the amount due. |
Journalize the transactions. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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