Score: 0.88 of 4 pts 3 of 5 (2 complete) HW Score P8-30A (book/static) Quality Recliner Chairs completed the following selected transactions: (Click the icon to view the transactions) Record the transactions in the journal of Quality Recliner Chairs. Explanations are not required. (For notes stated in days, use a 360-day ye- dollar) (Record debits first, then credits. Exclude explanations from journal entries.) Begin with the transactions for 2016 Jul. 1: Sold inventory to Gray Mart, receiving a $45,000, nine-month, 16% note. Ignore Cost of Goods Sold Date Accounts and Explanation Debit Credit 2016 Note Receivable-Gray Mart 45,000 Jul 1 Sales Revenue 45,000 Oct. 31 Recorded credit and debit card sales for the period of $23,000. Use the gross method. Ignore Cost of Goods Sold Choose from any list or enter any number in the input fields and then click Check Answer Clear All 7 parts remaining a a RI oo 99. O Type here to search Score: 0.88 of 4 pts 3 of 5 (2 complete) P8-30A (book/stati HW Score: 19 2% More Info -X E ques Quality Recliner Chairs completed (Click the icon to view the tran Record the transactions in the jour dollar) (Record debits first, then a day year. Round to Begin with the transactions for 201 Jul 1: Sold inventory to Gray Mart Date Accounts 2016 Note Receivable Gra 2016 Jul 1 Sold merchandise inventory to Gray Mart, receiving a $45,000, nine-month, 16% note. Ignore Cost of Goods Sold Oct 31 Recorded credit and debit card sales for the period of $23,000. Use the gross method. Ignore Cost of Goods Sold Nov. 3 Card processor drafted company's checking account for processing fee of $460. Dec 31 Made an adjusting entry to accrue interest on the Gray Mart note. 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $15,200 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11.400. 2017 Apr. 1 Collected the maturity value of the Gray Mart note Jun 23 Sold merchandise inventory to Artist, Corp. receiving a 60-day, 6% note for $8,000. Ignore Cost of Goods Sold Aug 22 Artist, Corp dishonored its note at maturity: the business converted Jul 1 Sales Revenue Oct. 31. Recorded credit and debit Choose from any list or enter any 7 parts Print Done remaining Check Answe sch a 99+ ha HW Score: 19.2% Her Chairs completed icon to view the tran More Info Ques - X ansactions in the jour -d debits first, then cr day year. Roundt transactions for 201 entory to Gray Mart Accounts te Receivable-Gra Sales Revenue the gross method ignore Cost of Goods Sold Nov. 3 Card processor drafted company's checking account for processing fee of $460 Dec. 31 Made an adjusting entry to accrue interest on the Gray Mart note 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $15.200 of accounts receivable will not be collected. Prior to this adjustment the credit balance in Allowance for Bad Debts is $11,400 2017 Apr. 1 Collected the maturity value of the Gray Mart note. Jun. 23 Sold merchandise inventory to Artist, Corp., receiving a 60 day 6% note for $8,000. Ignore Cost of Goods Sold. Aug 22 Artist, Corp. dishonored its note at maturity: the business converted the maturity value of the note to an account receivable. Nov 16 Loaned $22,000 cash to Creed Inc. receiving a 90-day, 12% note Dec 5 Collected in full on account from Artist Corp. 31 Accrued the interest on the Creed, Inc. note. ed credit and debit list or enter any Print Done Check ASH a
