Kader Company had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 56,000 Notes receivable Prepare general journal entries for the following transactions of Kader Company: Mar. 21Discounted a $10,000, 9%, 120-day note dated March 1, received from Creed Corp, at the bank at 12%. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. 10Wrote off $1,800 account owed by Friller as worthless. Apr. May June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3,200.
Kader Company had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 56,000 Notes receivable Prepare general journal entries for the following transactions of Kader Company: Mar. 21Discounted a $10,000, 9%, 120-day note dated March 1, received from Creed Corp, at the bank at 12%. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. 10Wrote off $1,800 account owed by Friller as worthless. Apr. May June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3,200.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 3CE
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