Question 5 On January 1, 2017, Larkspur SA had Accounts Receivable €101,100 and Allowance for Doubtful...
Question 5
On January 1, 2017, Larkspur SA had Accounts Receivable €101,100 and Allowance for Doubtful Accounts €7,400. Larkspur prepares financial statements annually at December 31. During the year, the following selected transactions occurred.
| Jan. 5 | Sold €10,800 of merchandise to Patrick Co., terms n/30. | |
| Feb. 2 | Accepted an €10,800, 4-month, 4% promissory note from Patrick for the balance due. | |
| 12 | Sold €10,200 of merchandise to Marguerite SA and accepted Marguerite’s €10,200, 2-month, 7% note for the balance due. | |
| 26 | Sold €5,600 of merchandise to Felton Co., terms n/10. | |
| Apr. 5 | Accepted a €5,600, 3-month, 9% note from Felton Co. for the balance due. | |
| 12 | Collected Marguerite note in full. | |
| June 2 | Collected Patrick note in full. | |
| July 5 | Felton Co. dishonors its note of April 5. It is expected that Felton will eventually pay the amount owed. | |
| 15 | Sold €13,200 of merchandise to Planke Co. and accepted Planke’s €13,200, 3-month, 7% note for the amount due. | |
| Oct. 15 | Planke Co.’s note was dishonored. Planke Co. is bankrupt, and there is no hope of future settlement. |
Journalize the transactions. (Record entries in the
order displayed in the problem statement. Credit account titles are
automatically indented when amount is entered. Do not indent
manually. Round answers to the nearest whole dollar, e.g. 5,275. Do
not round intermediate calculations.)
Homework Answers
Journal entry
| Date | account and explanation | debit | Credit |
| Jan 5 | Account receivable-Patrick Co | 10800 | |
| Sales revenue | 10800 | ||
| Feb 2 | Notes receivable-Patrick Co | 10800 | |
| Account receivable-Patrick Co | 10800 | ||
| Feb 12 | Notes receivable-Marguerite SA | 10200 | |
| Sales revenue | 10200 | ||
| Feb 26 | Account receivable-Felton Co. | 5600 | |
| Sales revenue | 5600 | ||
| Apr 5 | Notes receivable-Felton Co. | 5600 | |
| Account receivable-Felton Co. | 5600 | ||
| Apr 12 | Cash | 10319 | |
| Notes receivable-Marguerite | 10200 | ||
| Interest revenue (10200*7%*2/12) | 119 | ||
| June 2 | Cash | 10944 | |
| Notes receivable-Patrick | 10800 | ||
| Interest revenue (10800*4%*4/12) | 144 | ||
| July 5 | Account receivable-Felton Co | 5726 | |
| Notes receivable-Felton Co | 5600 | ||
| Interest revenue (5600*9%*3/12) | 126 | ||
| July 15 | Notes receivable-Planke Co | 13200 | |
| Sales revenue | 13200 | ||
| Oct 15 | Allowance for doubtful accounts | 13431 | |
| Notes receivable-Planke Co | 13200 | ||
| Interest revenue (13200*7%*3/12) | 231 | ||
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Question 5
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Question 5
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