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On January 1, 2022, Blossom Company had Accounts Receivable of $51,600 and Allowance for Doubtful Accounts of $4,100. Blossom Company prepares financial statements annually. During
On January 1, 2022, Blossom Company had Accounts Receivable of $51,600 and Allowance for Doubtful Accounts of $4,100. Blossom Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Feb. 2 12 26 Apr. 5 12 June 2 15 Sold $4,600 of merchandise to Rian Company, terms n/30. Accepted a $4,600, 4-month, 9% promissory note from Rian Company for balance due. Sold $11,100 of merchandise to Cato Company and accepted Cato's $11,100, 2-month, 10% note for the balance due. Sold $4,900 of merchandise to Malcolm Co., terms n/10. Accepted a $4,900, 3-month, 8% note from Malcolm Co. for balance due. Collected Cato Company note in full. Collected Rian Company note in full. Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 12% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journakentries in the order presented in the problem.)
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