Question

Current Attempt in Progress On January 1, 2017, Sheffield Corp. had Accounts Receivable of $56,300 and Allowance for Doubtful Accounts of $3,800. Sheffield Corp. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,400 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,400, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $11,280 of merchandise to Cato Company and accepted Cato's $11,280, 2-month, 10% note for the balance due. 26 Sold $12,300 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $12,300, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,900 of merchandise to Gerri Inc. and accepted a $1,900, 6-month, 12% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 5 . Accounts Receivable Sales Revenue Feb. 2 Notes Receivable acc Feb. 12. Feb. 26 : Apr. 5 . Apr.12 June 2 June 15

Answer 1

SOLUTION :
Journal Entries
Date	Account Title and explanation	Debit	Credit
Jan, 05	Account Receivable - Rian Company	$                      4,400
	Sales Revenue		$                          4,400
Feb, 02	9% Promissory Note	$                      4,400
	Account Receivable - Rian Company		$                          4,400
Feb, 12	10% Note	$                    11,280
	Sales Revenue		$                       11,280
Feb, 26	Account Receivable - Malcoim Co.	$                    12,300
	Sales Revenue		$                       12,300
Apr, 05	8% Note	$                    12,300
	Account Receivable - Malcoim Co.		$                       12,300
Apr, 12	Cash	$                    11,468
	10% Note		$                       11,280
	Interest Revenue ($ 11,280 X 10% X 2/12)		$                             188
June, 02	Cash	$                      4,532
	9% Promissory Note		$                          4,400
	Interest Revenue ($ 4,400 X 9% X 4/12)		$                             132
June, 12	12 % Note	$                      1,900
	Account Receivable - Gerri Inc.		$                          1,900