Question 5 On January 1, 2017, Buffalo SA had Accounts Receivable €96,630 and Allowance for Doubtful Accounts €9,700. Bu...
Question 5
On January 1, 2017, Buffalo SA had Accounts Receivable €96,630 and Allowance for Doubtful Accounts €9,700. Buffalo prepares financial statements annually at December 31. During the year, the following selected transactions occurred.
| Jan. 5 | Sold €7,800 of merchandise to Patrick Co., terms n/30. | |
| Feb. 2 | Accepted an €7,800, 4-month, 5% promissory note from Patrick for the balance due. | |
| 12 | Sold €16,200 of merchandise to Marguerite SA and accepted Marguerite’s €16,200, 2-month, 6% note for the balance due. | |
| 26 | Sold €6,000 of merchandise to Felton Co., terms n/10. | |
| Apr. 5 | Accepted a €6,000, 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 €9,200 of merchandise to Planke Co. and accepted Planke’s €9,200, 3-month, 8% 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.)
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Date |
Account Titles and Explanation |
Debit |
Credit |
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Jan.
5Feb. 2Feb. 12Feb. 26Apr. 5Apr. 12Jun. 2Jul. 5Jul. 15Oct. 15Homework Answers
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Question 5 On January 1, 2017, Buffalo SA had Accounts Receivable €96,630 and Allowance for Doubtful Accounts €9,700. Bu...
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On January 1, 2017, Derek Co. had Accounts Receivable €139,000, Notes Receiv- able €30,000, and Allowance...
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Problem 8-06A On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $3,450 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due 12 Sold $11,800 of merchandise to Cato Company and accepted Cato's $11,800, 2-month, 9 % note for the balance due....
On January 1, 2022, Nash's Trading Post, LLC had Accounts Receivable of $57,300 and Allowance for Doubtful Accounts of $3,500. Nash's Trading Post, LLC prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,500 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due. 12 Sold $14,400 of merchandise to Cato Company and accepted Cato's $14,400, 2-month, 10% note for the balance...
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...
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