On January i, 2012, Salmon Company had $30 000 and Allowance for Doubtful Accounts $15 200. Account payable 140 800 and Common stock 24 000. The note receivable is from Stacy Richter Company. It is a 4-month, 12% note dated December 31, 2011. Salmon Company prepares financial statements annually. During the year, the following selected transactions ocçurred. Jan. Sold $30 000 of merchandise to Dolores Company, terms n/15. The cost of this 5 merchandise is $11 000. Accepted Bernard Company's $30 000, 3-month, 9 % note for balance due. Sold $18 000 of merchandise to LaBamba Company and accepted LaBamba's 20 Feb. 18 $8 000, 6-month, 9% note for the amount due. Apr. Collected Dolores Company note in full. Received payment in full from Stacy Richter Company on the amount due. Sold merchandise on account to Jaclyn Company for $4 000, terms 2/10, n/30. Salmon Company purchased S1 500 merchandise on account from Highley 20 30 Aug. Aug. Company, term 5/15, n/30. Aug. 20 Aug 25 ep. 1 17 18 Jaclyn Company returned merchandise worth $500 to Salmon Co. Salmon collected the amount due from Jaclyn Company in full. Salmon paid the amount due to Highley Company in full Journalize the transactions. Prepare final Balance Sheet, Income Statement

Provide the necessary journal entries using the area-of-interest method

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year: Preferred 2% Stock, $80 par (100,000 shares authorized, 60,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $9 par (3,000,000 shares authorized, 1,750,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows: a. Purchased 87,500 shares of treasury common for $8 per share. b. Sold 55,000 shares of treasury common for $11 per share. c. Issued 20,000 shares of preferred 2% stock at $84. d. Issued 400,000 shares of common stock at $13, receiving cash. e. Sold 18,000 shares of treasury common for $7.50 per share. f. Declared cash dividends of $1.60 per share on preferred…

Identified steps for proving and ruling a journal page. Be specific. Explain