Business, 18.06.2020 04:57 weisenbergertay5779
On January 1, 2020, Oriole Company had Accounts Receivable $137,400, Notes Receivable $24,000, and Allowance for Doubtful Accounts $12,200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2019. Oriole Company prepares financial statements annually at December 31. During the year, the following selected transactions occurred.
Jan. 5 Sold $20,000 of merchandise to Sheldon Company, terms n/15.
20 Accepted Sheldon Company’s $20,000, 3-month, 8% note for balance due.
Feb. 18 Sold $9,000 of merchandise to Patwary Company and accepted Patwary’s $9,000, 6-month, 9% note for the amount due.
Apr. 20 Collected Sheldon Company note in full.
30 Received payment in full from Willingham Company on the amount due.
May 25 Accepted Potter Inc.’s $5,200, 3-month, 7% note in settlement of a past-due balance on account.
Aug. 18 Received payment in full from Patwary Company on note due.
25 The Potter Inc. note was dishonored. Potter Inc. is not bankrupt; future payment is anticipated.
Sept. 1 Sold $13,100 of merchandise to Stanbrough Company and accepted a $13,100, 6-month, 10% note for the amount due.
Required:
Journalize the above transactions. The company uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 50-year life and no salvage value. The equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement
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On January 1, 2020, Oriole Company had Accounts Receivable $137,400, Notes Receivable $24,000, and A...
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