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Date | Account | Debit | Credit | ||
Feb 1 | Accounts Receivable | $ 8,000 | |||
Feb 1 | Sales Revenue | $ 8,000 | |||
Feb 1 | Cost of Merchandise Sold | $ 4,500 | |||
Feb 1 | Merchandise Inventory | $ 4,500 | |||
Mar 15 | Note Receivable 12% | $ 8,000 | |||
Mar 15 | Accounts Receivable | $ 8,000 | |||
Apr 9 | Allowance for Doubtful Accounts | $ 2,500 | |||
Apr 9 | Accounts Receivable | $ 2,500 | |||
Apr 21 | Note Receivable 14% | $ 7,500 | |||
Apr 21 | Cash | $ 7,500 | |||
May 14 | Cash | $ 160 | 8000*12%*2/12 | ||
May 14 | Interest Income | $ 160 | |||
May 14 | Note Receivable 14% | $ 8,000 | |||
May 14 | Note Receivable 12% | $ 8,000 | |||
Jun 13 | Accounts Receivable | $ 2,500 | |||
Jun 13 | Allowance for Doubtful Accounts | $ 2,500 | |||
Jun 13 | Cash | $ 2,500 | |||
Jun 13 | Accounts Receivable | $ 2,500 | |||
Jul 20 | Accounts Receivable | $ 7,763 | Plug | ||
Jul 20 | Interest Income | $ 263 | 7500*14%*3/12 | ||
Jul 20 | Note Receivable 14% | $ 7,500 | |||
Aug 12 | Cash | $ 8,280 | |||
Aug 12 | Interest Income | $ 280 | 8000*14%*3/12 | ||
Aug 12 | Note Receivable 14% | $ 8,000 | |||
Aug 19 | Cash | $ 7,594 | 7500*15%*1/12+7500 | ||
Aug 19 | Accounts Receivable | $ 7,594 | |||
Dec 16 | Note Receivabl 12% | $ 12,000 | |||
Dec 16 | Cash | $ 12,000 | |||
Dec 31 | Bad Debt Expense | $ 41,250 | 1375000*3% | ||
Dec 31 | Allowance for Doubtful Accounts | $ 41,250 | |||
Adjusting Entry: | |||||
Dec 31 | Interest Receivable | $ 60 | |||
Dec 31 | Interst Income | $ 60 | |||
(12000*12%*15/360) | |||||
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