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Quality Recliner Chairs completed the following selected transactions: Record the transactions in the journal of Quality Recliner Chairs. Explanation are not required (round to the
Quality Recliner Chairs completed the following selected transactions: Record the transactions in the journal of Quality Recliner Chairs. Explanation are not required (round to the nearest dollar)
Jul. Oct. Dec. 1 Sold merchandise inventory to Good-Mart, receiving a $43,000, 31 Recorded cash sales for the period of $22,000. Ignore Cost of Goods 31 Made an adjusting entry to accrue interest on the Good -Mart note. nine-month, 12% note. Ignore Cost of Goods Sold. Sold 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $14,100 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $10,700 2019 Apr. 1 Collected the maturity value of the Good-Mart note. Jun, 23 Sold merchandise inventory to Artist, Corp., receiving a 60-day, 6% note for $11,000. Ignore Cost of Goods Sold. 22 Artist, Corp. dishonored its note at maturity; the business converted Aug. the maturity value of the note to an account receivable. 16 Loaned $20,000 cash to Crenshaw, Inc., receving a 90-day, 8% note. 5 Collected in full on account from Artist, Corp. 31 Accrued the interest on the Crenshaw, Inc. note. Nov. Dec December 31: Made an adjusting entry to record bad debt expense based on an aging Accounts Receivable. The aging schedule shows that $14100 of Accounts Receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for abad Debts is 10,700
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