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On January 1, 2020, Sunland Wholesalers had Accounts Receivable 139,500, Notes Receivable 38,400, and Allowance for Doubtful Accounts 26,600. The note receivable is from Flounder
On January 1, 2020, Sunland Wholesalers had Accounts Receivable 139,500, Notes Receivable 38,400, and Allowance for Doubtful Accounts 26,600. The note receivable is from Flounder Company. It is a 4-month, 8\% note dated December 31, 2019, Sunland prepares financial statements annually at December 31. During the year, the following selected transactions occurred. Jan.5 Sold 33,200 of merchandise to Sheldon Company, terms n/15. 20 Accepted Sheldon's 33,200,3-month, 7% note for balance due. Feb. 18 Sold 22,900 of merchandise to Patwary Company and accepted Patwary's 22,900,6-monith, 8% note for the amount due. Apr. 20 Collected Sheidon note in full. 30 Received payment in full from Flounder Company on the amount due. May 25 Accepted Potter Incis 19,200,3-month, 6% note in settlement of a past-due balance on account. Aug. 18 Received payment in full from Patwary on note due. 25. The Potter inc note was dishonored. Potter is not bankrupt; future payment is anticipated. Sept.1 Sold 12,000 of merchandise to Stanbrough Company and accepted a 12,000,6 - month, 9% note for the amount due. Journalize the transactions, (Omit cost of goods sold entries) (Credit account titles are automoticolly indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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