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Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,150 of merchandise for $29,300 to JanCo; terms 3/5, n/15. 16 Wrote off Fedun's account
Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,150 of merchandise for $29,300 to JanCo; terms 3/5, n/15. 16 Wrote off Fedun's account in the amount of $15, 150. 20 Collected the amount owing from the January 15 sale. Mar. 1 Apr. 15 Accepted a $12,060, 60-day, 7% note dated this day in granting Parker Holdings a time extension on its pastdue account. Sold merchandise costing $62,150 for $71,300 to customers who used their Visa credit cards. Visa charges a 1% fee and deposits the cash electronically into the retailer's account immediately at the time of sale. Parker Holdings honoured the note dated March 1. ? Nov. 1 time Accepted a $24,300, three-month, 6% note dated this day in granting Grant Company a extension on its past-due account. Sullivan's year-end. Interest was accrued on outstanding notes receivable. Dec. 31 31 Bad debts are based on an aging analysis that estimated $9,700 of accounts receivable are uncollectible. Allowance for Doubtful Accounts showed an unadjusted credit balance of $1,615 on this date. 2021 ? Grant Company dishonoured its note dated November 1, 2020. Mar. 5 Recovered $1,500 from Derek Holston that was previously written off. 14 Wrote off the Grant Company account. b. Prepare entries as appropriate for each date. (Round the final answers to 2 decimal places. Use 365 days an year.) View transaction list Journal entry worksheet
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