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Wendover Fashions The purpose of this problem is to combine concepts from different chapters into a single problem. Thus, you will find in this problem

Wendover Fashions
The purpose of this problem is to combine concepts from different chapters into a
single problem. Thus, you will find in this problem transactions for notes & interest,
bad debts, merchandise inventory, plant assets, and accruals and deferrals.
Lori Sweat owns Wendover Fashions, a small and successful firm. She uses the
allowance method for bad debts, FIFO valuation for its periodic merchandise
inventory system, and the straight method to depreciate plant assets on a monthly
basis.
Relevant account balances as of December 1,20X1, are as follows:
Account
Allowance for Doubtful Accounts
Accounts Payable
Empire Company
Livingston Company
Jesse Zealiff
Debit )
$3,200
$350
950
800
Directions:
Record the following selected transactions in a general journal
Dec. 1 Issued Check No.110 to Black Company for a 9%,120-day note due
today. The face value of the note is $1,500.
1 Received a 90-day, 8% note for $2,400 from Jed Kissell as partial payment
on account
4 Purchased office equipment on credit from Modem Equipment Company
For $1,800, plus freight charges of $95' and an installation charge of $180.
5 The equipment purchased on December 4 was damaged in ne process ouf
installation. Issued Check No.111 to Ms. Fixit Co. for the amount of the
repair, $t55.
7 A note from Pat Sterns for $3,000 that was due today was dishonored
When it was presented for payment. The 60-day note carried interest at 12%.
8 Wrote off the account of Peg Fuller for $2,600.
y Purchased merchandise from Evans Company as follows: 1,200 units & $10;
terms, 2/10,n/30.
10
Issued Check No.112 to pay Livingston Company the December 1 balance
due, less a 1% discount.
11 Issued Check No.113 to increase the petty cash fund by $200.
12 Collected a 120-day, 11% note with a face value of $6,000 due today.
16 Sold an item of store equipment that cost $2,800 and had been depreciated
through the end of November at the rate of $40 a month for a total
denreciation of $1920. Received cash of $790 for the
sale.
Can you Help me With the formula to each solution
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