K. Co had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 Notes receivable 56,000 Required: Prepare general journal entries for the following transactions of K. Co: Mar. 21 $10,000, 9%, 120-day note dated March 1, received from C Co. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10 Wrote off $1,800 account owed by Thriller as worthless. June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note given on March 21 was collected Dec. 31 Uncollectible accounts receivable were estimated to be $3,200.

K. Co had the following balances on January 1, 2020: Allowance for doubtful accounts $ 2,600 Notes receivable 56,000 Required: Prepare general journal entries for the following transactions of K. Co: Mar. 21 $10,000, 9%, 120-day note dated March 1, received from C Co. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10 Wrote off $1,800 account owed by Thriller as worthless. June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note given on March 21 was collected Dec. 31 Uncollectible accounts receivable were estimated to be $3,200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help. Thank you.
how do you calculat mpg in excel?
In the context of databases, what does ACID stand for? A. Automatic, Consistent, Integrated, Durable B. Atomicity, Consistency, Isolation, Durability C. Array, Class, Interface, Data D. Add, Change, Insert, Delete
One business activity data have been entered in to the system, they must be to keep the database current Select one: O a Data input O b. Data processed O C. None of the other points O d. Data report
In SAP Business ByDesign Built-In Analytics, where in the multidimensional analysis pattern can the business user define the layout of a report? In the View pane In the Bookmark pane In the Selection pane In the chart and table settings pls choose 2 correct answers abiv
How are system flowcharts and program flow charts related? (this is related to accounting information system)
How does the software Quickbooks relate to accounting?
What are the functions of Xero Accounting Software?
What is the role of a Database Administrator?
Diplay graphically and explain mechanism of settlements by collection orders
What records classified and summarized transactional data? Multiple Choice O O O O proof-of-work ledger hash distributed computing
What is the role of the data Librarian?