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Q2- Sarg Company has the following transactions related to notes receivable during the last 2 months of 2017. (3 points) Nov. 1 Loaned $20,000 cash
Q2- Sarg Company has the following transactions related to notes receivable during the last 2 months of 2017. (3 points) Nov. 1 Loaned $20,000 cash to Mary Hawkins on a 1-year, 12% note. Dec. 11 Sold goods to Eminem, Inc., receiving a $9,000. 90-day, 8% note. Dec. 16 Received a $8,000, 6-month, 9% note in exchange for Rick outstanding accounts receivable. Dec. 31 Accrued interest revenue on all notes receivable. Instructions (a) Journalize the transactions for Sarg Company. (b) Record the collection of the Hawkins note at its maturity in 2018 Q3- At the end of 2017, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. Prepare the journal entry to record the write-off. ( 2 points)
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