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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 X are as follows:
Account
Allowance for Doubtful Accounts
Accounts Payable
Empire Company
Livingston Company
Jesse Zealiff
Debit
$
$
Directions:
Record the following selected transactions in a general journal
Dec. Issued Check No to Black Company for a day note due
today. The face value of the note is $
Received a day, note for $ from Jed Kissell as partial payment
on account
Purchased office equipment on credit from Modem Equipment Company
For $ plus freight charges of $ and an installation charge of $
The equipment purchased on December was damaged in ne process ouf
installation. Issued Check No to Ms Fixit Co for the amount of the
repair, $t
A note from Pat Sterns for $ that was due today was dishonored
When it was presented for payment. The day note carried interest at
Wrote off the account of Peg Fuller for $
y Purchased merchandise from Evans Company as follows: units & $;
terms, n
Issued Check No to pay Livingston Company the December balance
due, less a discount.
Issued Check No to increase the petty cash fund by $
Collected a day, note with a face value of $ due today.
Sold an item of store equipment that cost $ and had been depreciated
through the end of November at the rate of $ a month for a total
denreciation of $ Received cash of $ for the
sale.
Can you Help me With the formula to each solution
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