FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2012, Salmon Company had Account Receivable S150 000. Note
$30 000 and Allowance for Doubtful Accounts SI5 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.
ble
Jan.
Sold S30 000 of merchandise to Dolores Company, terms n/15. The cost of this
5
merchandise is $11 000.
Accepted Bernard Company's S30 000, 3-month, 9 % note for balance due.
20
Feb.
Sold $18 000 of merchandise to LaBamba Company and accepted LaBamba's
18
$8 000, 6-month, 9% note for the amount due.
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 $1 500 merchandise on account from Highley
20
Apr.
30
Aug.
17
Aug 18
Company, term 5/15, n/30.
Aug. 20
Aug. 25
Sep. 1
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
a.
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Transcribed Image Text:On January 1, 2012, Salmon Company had Account Receivable S150 000. Note $30 000 and Allowance for Doubtful Accounts SI5 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. ble Jan. Sold S30 000 of merchandise to Dolores Company, terms n/15. The cost of this 5 merchandise is $11 000. Accepted Bernard Company's S30 000, 3-month, 9 % note for balance due. 20 Feb. Sold $18 000 of merchandise to LaBamba Company and accepted LaBamba's 18 $8 000, 6-month, 9% note for the amount due. 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 $1 500 merchandise on account from Highley 20 Apr. 30 Aug. 17 Aug 18 Company, term 5/15, n/30. Aug. 20 Aug. 25 Sep. 1 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 a.
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